Enel to sell Green Power stake in two stages - source

Quotes

   

ROME | Mon Aug 3, 2009 4:27pm BST

ROME Aug 3 (Reuters) - Italian power company Enel SpA (ENEI.MI) will sell a 49 percent stake in Green Power renewables unit in two stages, an informed source said on Monday.

Enel will first sell a 25-30 percent tranche to institutional investors, said the source, who spoke on condition of anonymity. The company will sell a further stake in an initial public offering to reach 49 percent, possibly next year if better market conditions are needed.

Enel today estimates that the Green Power unit is worth about 13 billion to 14 billion euros, the source said.

On Friday, Enel said its debt would be below 50 billion euros at the end of this year providing it sold a stake in Green Power which could raise around 3.5 billion euros.

(Reporting by Alberto Sisto, writing by Ian Simpson in Milan)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.