Italian energy group Enel has completed the first phase of the sale process of its 66% stake in Slovakia's main power utility Slovenske Elektrarne (SE) to Czech energy company Energetický a prumyslový holding (EPH).
As agreed in December 2015, Enel has transferred its 66% stake to a newly established company Slovak Power Holding ("HoldCo") and sold a 50% stake in HoldCo to EPH for €150m. A further €225m will be paid following the closing of the second phase of the operation, which will close following the exercise of a put or call option by Enel Produzione or by EPH, respectively, 12 months after receiving the Trial Operation Permit for units 3 and 4 of the Mochovce nuclear power plant, which are currently under construction. On the basis of the current work plan, these options are expected to become exercisable by the end of the first half of 2019. Upon exercise of either option, Enel would transfer the remaining 50% of HoldCo to EPH for €375m. The total cash consideration would then amount to €750m.
Enel had announced the sale of its power generation assets in Slovakia in July 2014, as part of a €6bn disposal programme. At the end of 2015, Slovenske Elektrarne, the largest power generation company in Slovakia, had an installed capacity of about 4.3 GW, of which about 1,940 MW from nuclear power generation. The company is currently involved in the construction of the new units 3 and 4 at Mochovce nuclear power plant, which have a total capacity of 942 MW.
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