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Written by / Agency / Source: Enel Group
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Enel Finalized the Sale of its Stake in Maritza - Enel Investment Holding BV, executing the agreement reached in March 2011 with ContourGlobal LP, closed the transaction for the sale to the same ContourGlobal of the entire share capital of the companies Maritza East III Power Holding BV
Enel Finalized the Sale of its Stake in Maritza

 

NewswireToday - /newswire/ - Rome, Italy, 2011/06/28 - Enel Investment Holding BV, executing the agreement reached in March 2011 with ContourGlobal LP, closed the transaction for the sale to the same ContourGlobal of the entire share capital of the companies Maritza East III Power Holding BV. IT0003128367

   
 
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Enel S.p.A. (“Enel”) announces that Dutch subsidiary Enel Investment Holding BV (EIH), executing the agreement reached in March 2011 with ContourGlobal LP (“ContourGlobal”), closed today the transaction for the sale to the same ContourGlobal of the entire share capital of the Netherlands–registered companies Maritza East III Power Holding BV and Enel Maritza O&M Holding Netherland BV. These companies own respectively 73% of the share capital of the Bulgarian company Maritza East 3 AD, owner of a lignite-fuelled power plant with an installed capacity of 908 MW (“Maritza”), and 73% of the share capital of the Bulgarian company Enel Operations Bulgaria AD, which is responsible for the operation and maintenance of the Maritza plant.

Located in the south-east of Bulgaria, Maritza accounts for approximately 10% of the country's total installed capacity. In 2010 it posted revenues of approximately 231 million euros and EBIT of approximately 69 million euros.

Enel (enel.com) disposed the two companies to ContourGlobal for an equity consideration of 230 million euros. The enterprise value at closing for 100% of the share capital of the companies sold is 545 million euros, corresponding to a value of 0.60 million euros per MW.

The transaction has been closed upon completion of the necessary authorizations from the relevant authorities. The sale of Maritza is part of the disposal plan announced by Enel to the markets and will decrease Enel Group's total financial debt by about 460 million euros.

 
 
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Enel Finalized the Sale of its Stake in Maritza

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