Enel files for Enel Green Power IPO in October
Stillwater geothermal power plant of Enel, Nevada, (source: nbmg.unr.edu)
Alexander Richter
21 Jun 2010
Enel SpA files request for IPO of shares in its Enel Green Power unit as soon as October 2010.
“Enel SpA, Italy’s biggest utility, filed a request today with the Italian Stock exchange for the initial public offering of shares in its Enel Green Power unit as soon as October”, so news from BusinessWeek.
Enel Green Energy is the company’s renewable energy arm, which also develops geothermal projects in Latin America.
“The timing of the IPO will depend on “market conditions,” according to an Enel statement distributed by the Italian Exchange. Enel said it also may seek a listing of EGP’s shares on other markets including Spain.
The Rome-based utility said it’s continuing “to consider agreements with long-term investors for the sale of a minority stake in EGP, to be carried out in conjunction with or as an alternative” to the IPO.
Enel Green Power manages wind, solar, biomass, hydroelectric and geothermal power generation in 17 nations in Europe and the Americas.
The IPO is the centerpiece of Enel’s plans to sell 7 billion euros (US$8.6 billion) of assets to reduce debt to 45 billion euros this year from 51 billion euros.
Enel expects to raise about 4 billion euros (US$5bn) in the share sale, Enel Chief Executive Officer Fulvio Conti said April 9.”
Source: BusinessWeek
