E.ON seeks to offload $1.13bn hydroelectric power plant

German utility, E.ON, is seeking a buyer for its most valuable Italian power asset, the 531 MW Terni hydroelectric power plant.

Valued at $1.13bn, Reuters reports that E.ON (FWB: EOAN) is looking to secure offload within the first half of 2015, with renewable energy group Erg (ERG.MI) seen as the front runner to buy it.
Already in January, E.ON succeeded in selling all of its portfolio of Italian gas- and coal-fired plants to Czech energy EPH, while in November, it sold its Spanish business to Australian infrastructure investor Macquarie.

E.ON, which finds itself in a major restructuring after announcing it would split in two in 2016 to focus on renewables and power grids, is currently trying to offload the remaining parts of its Italian unit in a bid to raise much-needed cash.

The company is also looking to offload 374 MW worth of Italian wind and solar capacity.

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