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St. Petersburg, Russia, 2013/06/21 - St. Petersburg Economic Forum, Fulvio Conti, CEO & General Manager of Enel, and Alexei Miller, CEO of OAO Gazprom signed a non-binding Letter of Intent aimed at the sale to the Russian company of the entire share capital of Marcinelle Energie S.A. IT0003128367
• The parties agreed on the main terms and conditions for the sale of Marcinelle Energie S.A, a company owning a 420 MW power plant in Belgium, for a consideration of 227 million euros.
• This sale is part of the 6 billion euros disposal programme that Enel announced last March at its 2013 2017 business plan presentation.
Today, within the framework of the St. Petersburg Economic Forum, Fulvio Conti, CEO and General Manager of Enel, and Alexei Miller, CEO of OAO Gazprom, signed a non-binding Letter of Intent aimed at the sale to the Russian company of the entire share capital of Marcinelle Energie S.A., a company owning a 420 MW combined-cycle gas turbine power plant in Belgium, for a consideration of 227 million euros on a cash and debt free basis.
This Letter of Intent paves the way for a binding and final agreement, whose final terms and conditions shall be agreed upon and executed by the end of September 2013, following which date the Letter of Intent shall cease to exist.
As per similar transactions, the execution of the transaction will be subject to the approval of the competent corporate bodies of the parties involved as well as to the authorization of the Competition and Regulatory Authorities, as required by the law.
In June 2008, Enel (enel.com) entered 80% of Marcinelle Energie, a 420 MW combined cycle gas turbine plant gas in the Wallonia region in partnership with steel corporation Duferco which owned the remaining 20%. In December 2012 Enel raised its stake to 100% by acquiring the additional 20% from Duferco.