Enel sells stake in Arcadia Generación Solar to Sonnedix for $550m

Enel Chile, the local subsidiary of Italian renewable power company Enel, has sold all of its shares in Chilean company Arcadia Generación Solar to Sonnedix.

Posted mercredi, août 9 2023
Enel sells stake in Arcadia Generación Solar to Sonnedix for $550m

The transaction was valued at around $550 million.

Arcadia Generación Solar’s portfolio comprises 416 MW generation capacity across four solar plants: Diego de Almagro, Carrera Pinto, Pampa Solar Norte and Domeyko, located in the regions of Atacama and Antofagasta, in northern Chile.

The closing of the sale is subject to certain conditions precedent customary for these kinds of transactions, including the clearance from the Chilean antitrust authority Fiscalía Nacional Económica (FNE).

The transaction is expected to generate a positive impact on Enel Group’s net debt of around 504 million euros and on reported Group net income for 2023 of approximately 20 million euros. Conversely, the transaction is set to bear no impact on the group’s ordinary economic results, according to an Enel press release.

The deal is part of Enel Group’s current strategic plan, contributes to the objective of constantly improving and optimizing the risk-return profile of the group and of its asset base, the company added.

Enel was advised on the transaction in Chile by law firm Carey, with a team led by partners Cristián Figueroa and Alfonso Silva, with counsel Eduardo Martin and associates Angélica de la Carrera and Borja Ochagavía.