The Italian Enel estimated the costs of the sale of the Russian business at €527 million
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The Italian energy concern Enel estimated the costs of selling its stake in Enel Russia at €527 million. plans to sell its stake (56.43%) in the Russian “daughter” of LUKOIL and the fund of Gazprombank. In addition, the Board of Directors of Enel Russia recommended to approve the renaming into EL5-Energo. This is stated in the financial statements of the company (.pdf) for the first half of 2022.
Together with the costs, the value of Enel Russia’s assets was adjusted to €137 million. At this price, the Russian subsidiary will be bought by LUKOIL and Gazprombank-Freesia. After the sale of assets is completed, the company expects additional costs.
Previously in the company notedthat the sale of the Russian business should have a positive impact on the group’s consolidated net debt of €550m.
According to Bloomberg Intelligencefounded in 2004, Enel’s Russian business contributed just over 1% of the company’s total gross operating income.
Enel Russia includes: gas-fired power plants Konakovskaya GRES, Nevinnomysskaya GRES and Sredneuralskaya GRES, as well as a wind farm in the Rostov region and a wind farm under construction in the Murmansk region.
Read more about the deal – in the material “Enel is leaving with a discount”.
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