Terna said that prior to the closing of the transaction, Enel Distribuzione will contribute to Enel Linee Alta Tensione (ELAT), a corporate division, consisting of the high-voltage grid and related legal relationships, that will be entitled to receive a tariff remuneration of approximately E133 million at regime, calculated on tariffs for 2008.
In addition, the division being contributed consists of 18,583km of high-voltage grid (HV lines), mainly 132kV and 150kV, as well as related contracts.
The parties have agreed on a consideration for the transaction of E1.15 billion. This consideration will be paid in full at the time of closing and may be adjusted, with the appropriate payment, based on ELAT’s shareholders’ equity on the date of sale. Terna said that it will finance the transaction through debt, employing credit lines already in place.
Completion of the operation, expected by spring 2009, is subject to the approval of the antitrust authority, to authorization by the relevant authorities to integrate the high-voltage lines into the National Transmission Grid and to the issuance of a measure by the Regulatory Authority for Electricity and Gas entitling Terna to the remuneration on such assets through the relevant tariff component.
