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Enel Group to promote Indian renewable power arm for $300 million By Investing.com

Enel Group to promote Indian renewable power arm for 0 million By Investing.com


Investing.com  |  Editor Ambhini Aishwarya

Revealed Nov 16, 2023 01:06AM ET

Italy’s Enel (BIT:ENEI) Group is ready to divest its renewable power division in India, Enel Inexperienced Energy India, with HSBC orchestrating the deal. The transfer includes promoting a portfolio that encompasses 760 megawatts (MW) of operational wind and solar energy initiatives, with photo voltaic power contributing 420MW and wind energy including one other 340MW. The transaction additionally features a substantial improvement pipeline of two gigawatts (GW) and current energy buy agreements amounting to 190MW.

The strategic choice displays Enel’s steady dedication to the renewable sector whereas capitalizing on the rising curiosity in India’s inexperienced power market. In 2020, Enel Inexperienced Energy India launched into a collaboration with Norfund, a Norwegian funding entity centered on growing international locations, to advance new renewable initiatives inside the nation. This was in keeping with Enel Group’s broader technique to broaden its footprint within the Indian power market, which included expressing curiosity in managing Puducherry’s electrical energy distribution community and submitting a preliminary provide for the electrical energy distribution operations of Reliance Infrastructure Ltd in Delhi.

The sale course of is simply starting and is anticipated to formally launch quickly. With an estimated fairness worth of round $300 million, this divestiture signifies a notable shift in Enel’s operations in India, underscoring the nation’s potential as a hub for renewable power funding.

This text was generated with the help of AI and reviewed by an editor. For extra data see our T&C.

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