By Adria Calatayud

Enel said Wednesday that it has signed an agreement with Macquarie Asset Management for the sale of a 50% stake in Enel Green Power Hellas for 345 million euros ($381.4 million) that will help the Italian utility to cut debt.

Macquarie and Enel will enter into a shareholder agreement that will give them joint control of EGPH to continue to develop its project pipeline and expand its installed capacity, the Italian company said.

The price of the deal implies a full enterprise value, including debt, for EGPH of around EUR980 million, Enel said.

Enel expects a reduction of its consolidated net debt of around EUR345 million and a gain of EUR390 million for its 2023 earnings before interest, taxes, depreciation and amortization as a result of the deal, it said.

The sale is expected to be completed by the fourth quarter of 2023, subject to regulatory approval, Enel said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

July 26, 2023 10:21 ET (14:21 GMT)

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