Enel signs a €1.26bn deal with PPC to sell its assets in Romania

The Italian energy company Enel has signed an €1.26bn agreement with the Greek power utility PPC to sell its assets in Romania, which include 12 wind and solar parks totalling 534 MW. The two parties had previously signed an exclusivity agreement in December 2022. Enel has been operating in Romania since 2005 and serves over 3 million customers in the country through through three power distribution companies, namely E-Distributie Muntenia (78% Enel), E-Distributie Banat (51%), E-Distributie Dobrogea (51%), and two energy supply companies (Enel Energie Muntenia, and Enel Energie). Enel has also been active in power generation through its subsidiary Enel Green Power.

In November 2022, Enel announced that, over the 2023-2025 period, it would sell around €21bn of assets to focus on six core countries. The group plans to finalise the sale of its transmission assets in Chile and of its distribution grids in Goias (Brazil); it planned to sell its Romanian assets, to exit from Peru and Argentina and to add some countries (such as Greece or Australia) to its "Stewardship perimeter". Moreover, the group aims to initiate the exit from gas assets, including its gas portfolio in Spain. Those sales should enable to cut Enel's net debt by €21bn.