The agreement provides for the sale to Dolomiti Energia of 51% of a NewCo to be formed by Enel Produzione. Before the sale, Enel Produzione will spin off its hydroelectric generation operations in the Province of Trento to the NewCo and Enel Rete Gas will transfer 100% of Avisio Energia, which distributes natural gas in 32 municipalities in the Province of Trento.
The operations being transferred to the NewCo include 14 concessions for major hydroelectric derivations and 22 power plants with a total efficient capacity of 1.4GW and an annual output of 3.6TWh, as well as seven mini-hydro plants with a total efficient capacity of 14MW with an annual output of about 46GWh.
The price for the 51% stake in the NewCo being sold to Dolomiti Energia has provisionally been set at E561 million and will be paid in full at the time of the sale. The amount may be adjusted in relation to the actual net financial position of the operations transferred to the NewCo at the sale date, as well as the difference between the estimated value of production and actual production of the unit between 2008 and 2010.
Fulvio Conti, CEO of Enel, said: With this agreement, Enel Produzione and Dolomiti Energia have begun an important collaborative initiative, which will help enhance the development of an invaluable source of renewable hydroelectric energy, which the Province of Trento has in abundance. It is an essential resource, making a real contribution to the fight against climate change and the energy security of the country.
