Enel looks to sell major stake in Australian wind, solar portfolio

Italian utility Enel is reportedly looking to sell a substantial share in its renewable energy platform, Enel Green Power, to help fund an estimated 3.6 GW development pipeline in the country.

From pv magazine Australia

One of the world’s largest private renewable energy players, Enel, is understood to be seeking a buyer for a major slice of its Australian renewable energy platform, Enel Green Power, with investment banker Credit Suisse appointed to oversee the sale.

Credit Suisse has reportedly launched an auction for Enel Green Power’s Australian renewables assets with the Australian Financial Review reporting potential investors were told Enel is looking to sell down 50% to 80% of the portfolio and would like to remain involved as the asset manager.

The portfolio includes the 34 MW Cohuna Solar Farm in Victoria and Enel’s 51% stake in the Bungala 1 and Bungala 2 solar farms, which deliver a combined 220 MW of generation capacity into the grid in South Australia.

The Bungala solar farms are backed by long-term power purchase agreements (PPA) with Origin Energy while the Cohuna Solar Farm has a contract with the Victorian government.

Enel’s portfolio also includes the proposed 88 MW Girgarre Solar Farm in Victoria and the 75.6 MW Flat Rocks Wind Farm, currently under development in Western Australia. The company said they are part of a 3.6 GW development pipeline in Australia.

The auction procedure has already been launched with Credit Suisse calling for the first round of offers by the middle of August. It is anticipated the final offers are likely to be called towards the end of September.

This post appeared first on PV Magazine.

Share This Post