Italy’s biggest utility Enel SpA is looking to sell its assets in Europe and Africa to raise as much as 1 billion euros ($1.07 billion) as its growth slows amid weak demand in Italy and Spain, Bloomberg reported, citing people familiar with the matter.
Debt-laden Enel is working to sell its upstream operations in Algeria, Egypt and Italy while also considering a sale of its renewable energy assets in Portugal, raising as much as 500 million euros (3.
45 million), Bloomberg said.
On Monday Reuters cited sources saying Enel, which aims to divest assets worth 5 billion euros ($5.33 billion) through 2019, is looking to enter the broadband telecommunications market.
In March, Enel-controlled Enel Green Power sold a 49 percent stake in its North American renewable energy assets to GE Energy Financial Services.
Enel did not immediately respond to a request for comment.