According to a story from a Greek news website called Newmoney, the planned sale of a fifty percent stake in Enel SpA’s (BIT: ENEL) renewable energy business in Greece has been temporarily put on hold.
According to anonymous insiders, the recent management changes at the Italian firm will cause the negotiations necessary to finalize the acquisition to take far longer than was initially anticipated.
The newly appointed CEO of Enel, Flavio Cattaneo, is rumored to be taking some time off in order to evaluate the decisions made by his predecessor on the reorganization of the company’s businesses and the sales strategy for the Greek deal, which was rumored to involve full divestiture at one point in time.
Greek renewable business share sale halted by Enel
According to recent reports, the Australian firm Macquarie Group has emerged as the front-runner in the bidding war for a 50% interest in Enel Green Power Hellas. The tabloid has published unverified information that Enel intends to insert a condition in the deal that will give it an opportunity to purchase back the stock. This information is based on information that has not been verified.
According to the company’s website, as of the end of September 2022, Enel Green Power Hellas had 65 properties, including a total of 368.5 MW of wind power, 163.7 MW of solar power, and 19.3 MW of hydroelectric power.
As Enel tries to cut down its net debt and concentrate on six key markets, the sale of its assets in Greece is a component of the company’s aim to reduce expenditure in the years 2023-2025 by selling assets with a combined value of 21 billion euros (22.6 billion dollars). Divestitures are planned to take place in Romania, Peru, Argentina, and Brazil as part of the strategy.