Italy’s Enel, through its subsidiary Enel Green Power (EGP), announced that it completed the sale of a 50% stake in Enel Green Power Australia Pty Ltd and Enel Green Power Australia Trust (collectively known as Enel Green Power Australia or EGPA) to Japan’s INPEX Corporation.

The overall transaction generated a positive impact on Enel Group EBITDA of approximately € 95 million ($100.57 million), alongside an expected positive effect on Group consolidated net debt of around €142 million ($151 million), whereby this amount does not include approximately 203 million euros as net debt deconsolidated in 2022, since EGPA was already reported as “held for sale”.

Following the completion of the transaction, EGP and INPEX will jointly control EGPA. They will oversee the company’s existing renewable generation portfolio and continue to develop its project pipeline, with the aim of increasing EGPA’s installed capacity. This ensures that EGPA will continue to contribute to Australia’s ongoing energy transition and support the country’s net zero target.

The deal is in line with Enel’s current Strategic Plan, which envisages the implementation of partnerships in certain businesses and geographies to enhance value creation.

Currently, EGPA operates three solar plants with a combined installed capacity of 310 MW. Additionally, there is one 76 MW wind project and one 93 MW solar project under construction. EGPA is also actively developing a significant portfolio of wind, solar, storage, and hybrid projects across Australia. Furthermore, it is expanding its activities in innovative solutions within its retail and trading operations.

Enel is an Italian multinational manufacturer and distributor of electricity and gas. Enel Green Power, within the Enel Group, develops and operates renewable energy plants worldwide and is present in Europe, the Americas, Africa, Asia, and Oceania.