Enel Green Power enters into joint venture with F2i to strengthen Italian presence

Enel Green Power and F2i  – (Fondo italiano per le infrastrutture), together with their respective subsidiaries Enel Green Power Solar Energy S.r.l. and F2i Energie Rinnovabili S.r.l., have closed an agreement to create an equal joint venture, following the agreement signed on October 16th, 2015.

The joint venture, to which EGP, headed by Francesco Venturini, has transferred Italian solar assets, emerged from the merger by incorporation into that new company of F2i Solare 1 S.r.l. and F2i Solare 3 S.r.l., companies controlled by F2i Energie Rinnovabili S.r.l., with effect as of December 31st, 2015.
Francesco Venturini
The new joint venture, which seeks to become the PV market leader in Italy, has an installed capacity portfolio of 207 MW made up of the 102 MW brought by EGP, net of a change in scope of 3 MW which took place after the signing of the above agreement, and 105 MW brought by F2i.

The transaction is part of Enel Green Power’s work in seizing value creation opportunities, including through active management of its asset portfolio, as set out in the company’s current business plan.

The closing of the transaction follows satisfaction of the conditions precedent provided for in the agreement signed by the parties on October 16th, 2015, including approval by the relevant EU antitrust authorities. The operation will reduce Enel Green Power Group’s net financial debt by around 120 million euros.

The enterprise value of the EGP assets is about 234 million euros and that of the F2i assets about 282 million euros, with respective equity values of about 91 million euros net of minorities, and about 111 million euros.



Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...