The Italian energy group Enel has reached an agreement with China Southern Power Grid International (CSGI) to sell the entire stake held by its Peruvian subsidiary Enel Peru in power distribution and supply company Enel Distribución Perú (83.15% of the share capital) and in the energy services company Enel X Perú (100%), for a total consideration of US$2.9bn. The price is subject to adjustments. The transaction, which requires the clearance from the Antitrust authority in Peru and the approvals of competent Chinese authorities for outbound direct investments (ODI), is expected to generate a reduction of Enel's net debt of around €3.1bn (US$3.4bn) in 2023.
This sale is in line with Enel's strategy (November 2022) to reposition on six core countries, namely Italy, Spain, the United States, Brazil, Chile and Colombia. The group has already completed the sale of its transmission assets in Chile (December 2022) and entered into exclusive talks with PPC (Greece) to sell its Romanian assets; in February 2023, it sold stakes in two gas-fired plants in Argentina (2.9 GW). Enel plans to exit from Argentina, Peru, and to sell its distribution grids in Goias (Brazil). Overall, sales of assets in non-strategic countries should enable to cut Enel's net debt by €21bn.