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ECONOMY | 18-02-2023 10:20

Enel sells Argentina plants to Central Puerto for US$102 million

Enel Americas, a unit of Italy's largest utility Enel SpA, sells itsstake in two thermal generation plants in Argentina to power generator and distributor Central Puerto.

Enel Americas, a unit of Italy's largest utility Enel SpA, sold its stake in two thermal generation plants in Argentina to power generator and distributor Central Puerto, according to company documents.

Enel Argentina, owned by Santiago-based Enel Americas, sold nearly 76[percent of its stake in thermal power generator Enel Generación Costanera to a unit of Central Puerto for US$48 million, according to a statement. The same Central Puerto unit, Proener, said it had reached an agreement to pay US$54 million to Enel Américas and Enel Argentina for stakes in Inversora Dock Sud and Central Dock Sud.

The move is the latest step in Enel's broader plans to sell assets around the world to reduce its debt burden after a wave of acquisitions to boost renewable energy production. The company said in November it was looking to sell its assets in Argentina, Peru and Romania.

"These are operations that are in line with our decarbonisation strategy, with the goal of reaching zero emissions by 2040," Maurizio Bezzeccheri, chief executive of Enel Americas, said in a statement.

Enel's CEO added last year that he expects the sale of its assets in Peru to be completed by 2023.

Enel Américas operates in Argentina through the Edesur brand. In addition to the assets sold on Friday, it also operates the Enel Generación El Chocón hydroelectric plant and distributes power.

The sale of the Dock Sud assets is subject to certain conditions and is expected to close in the first quarter, according to a statement.

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by Scott Squires, Bloomberg

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