Enel has completed the sale of its entire stake (99.09%) in its Chilean power transmission subsidiary Enel Transmisión Chile to Sociedad Transmisora Metropolitana (STM) and its parent company Inversiones Grupo Saesa, for a US$1.4bn equity consideration.
Enel Transmisión Chile operates 683 km of transmission lines and manages 60 substations in Santiago de Chile’s metropolitan area. Out of those, 57 are owned by Enel Transmisión Chile, while the other three are owned by third parties. Inversiones Grupo Saesa, which is the second largest electricity distributor in Chile in terms of geographic coverage (the largest in southern Chile), operates 63,476 km of distribution lines, 2,280 km of transmission lines and 75 substations in the country, supplying electricity to around 950,000 customers. In addition, it owns 275 MW of wind, hydropower and diesel generation capacity.
The transaction is in line with the Enel Group’s current Strategic Plan, which aims at focusing on core businesses in Tier-1 countries, which includes Chile, exiting from other businesses which are no longer aligned with its strategy, such as transmission activities.