According to the Greek news portal Newmoney, the anticipated sale of a 50% stake in the Greek renewable energy business of Enel SpA (BIT:ENEL) has been temporarily put on hold.
The recent management changes at the Italian business will cause the negotiations to take longer than first anticipated, according to anonymous sources.
According to reports, Flavio Cattaneo, the new CEO of Enel, is taking some time to consider the choices made by his predecessor about the restructuring of the company’s operations and the sales strategy for the Greek transaction, which was first reported to require complete disposal.
According to reports, the favored bidder for the 50% interest in Enel Green Power Hellas was Australia’s Macquarie Group. Unverified information in the publication claims that Enel intends to insert a provision in the contract giving it the opportunity to purchase back the stock.
According to its website, Enel Green Power Hellas had 65 assets as of the end of September 2022, including 368.5 MW of wind, 163.7 MW of solar, and 19.3 MW of hydroelectricity.
The Greek sale is a component of Enel’s strategy to reduce expenditure between 2023 and 2025 by selling assets valued at EUR 21 billion (USD 22.6 billion) as it attempts to reduce net debt and concentrate on six key countries. The plan calls for disposals in Brazil, Argentina, Peru, and Romania.