Enel’s Strategic Divestment: Arcadia Generación Solar Now in Sonnedix’s Hands

Enel’s Strategic Divestment: Arcadia Generación Solar Now in Sonnedix’s Hands

(IN BRIEF) Enel and its subsidiary, Enel Chile, have successfully completed the sale of their equity interests in Arcadia Generación Solar to renewable energy producer Sonnedix. This transaction, valued at 556 million US dollars, includes four operational PV plants in Chile with a total capacity of approximately 416 MW. It has positively impacted Enel Group’s net debt and net income for 2023 while not affecting its ordinary economic results. The move aligns with Enel’s strategic priorities to improve returns on capital employed for future development plans. The solar portfolio generates about 1 terawatt-hour of net production annually.

(PRESS RELEASE) ROME, 25-Oct-2023 — /EuropaWire/ — Enel S.p.A. (BIT: ENEL) (“Enel” or the “Company”), an Italian multinational manufacturer and distributor of electricity and gas, and its publicly listed subsidiary, Enel Chile S.A., are pleased to announce the successful completion of the sale of their entire equity interests¹ in Arcadia Generación Solar S.A., a prominent Chilean company holding a portfolio of four operational photovoltaic (PV) plants with a combined installed capacity of approximately 416 MW. The transaction has been finalized with Sonnedix², a global leader in renewable energy production.

The completion of this transaction comes following the fulfillment of all stipulated conditions set forth in the stock purchase agreement, which was initially signed on July 12th, 2023. Notably, this includes receiving clearance from the Chilean antitrust authority, Fiscalía Nacional Económica (FNE).

Under the terms of the agreement, Sonnedix has made a total payment of 556 million US dollars, equivalent to approximately 525 million euros, representing the 100% enterprise value agreed upon by both parties. This strategic transaction is anticipated to have a positive impact on the Enel Group’s net debt, enhancing it by approximately 525 million euros. Additionally, it is expected to contribute approximately 50 million euros to the Group’s reported net income for 2023. Importantly, this transaction will not affect the Group’s ordinary economic results.

Aligned with the Enel Group’s Strategic Priorities, this transaction supports the objective of continually enhancing returns on capital employed to facilitate future development plans.

The solar PV portfolio, located in the Atacama and Antofagasta regions in northern Chile, comprises four plants: Diego de Almagro (36 MW, operational since 2014), Carrera Pinto (97 MW, operational since 2016), Pampa Solar Norte (79 MW, operational since 2016), and Domeyko (204 MW, operational since 2022). These plants collectively generate approximately 1 terawatt-hour (TWh) per year of net production.

In Chile, the Enel Group is represented by Enel Chile, a market leader in renewable energy with a diversified portfolio encompassing wind, solar, hydroelectric, and geothermal power generation.

Sonnedix, with a robust track record spanning over a decade, operates globally and is renowned for its expertise in the development, construction, and operation of renewable energy projects, boasting a total capacity exceeding 9 GW.

¹Held by Enel (approx. 0.009%) and Enel Chile (approx. 99.991%).

²Specifically, Sonnedix Chile Arcadia S.p.A. and Sonnedix Chile Arcadia Generación S.p.A.

Media contacts:

T +39 06 8305 5699
ufficiostampa@enel.com
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SOURCE: Enel S.p.A.