Enel sells its stakes in Enel Russia. The National Energy Authority concluded the sale of its entire stake in PJSC Enel Russia, equivalent to 56.43% of the latter’s share capital, to PJSC Lukoil and the Closed Combined Mutual Investment Fund «Gazprombank -Frezia» for a total amount of approximately 137 million euros. The completion of the transaction follows the fulfillment of all conditions precedent set out in the two separate agreements signed with the aforementioned counterparties, including the approval of the transaction by the President of the Russian Federation. As a result of the transaction, Enel completed the sale of all of its power generation assets in Russia, which include approximately 5.6 GW of conventional capacity and approximately 300 MW of wind capacity in various stages of development.
The transaction is in line with the Group’s strategic objective of concentrating its activities mainly in countries where an integrated position along the value chain can drive growth and improve value creation, taking advantage of the opportunities offered by the energy transition. The overall transaction generated a positive effect on the Enel Group’s consolidated net financial debt of approximately €610 million and a negative impact on the Group’s reported net income of approximately €1.3 billion, mainly due to the release of the reserve exchange rate translation , for approximately €1.0 billion as of September 30, 2022. This accounting effect will have no impact on normal economic results.
Source: IL Tempo
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
