HomeCoal FiredEnel completes sale of its Bulgarian Maritza stake

Enel completes sale of its Bulgarian Maritza stake

Enel SpA’s Dutch subsidiary Enel Investment Holding BV has closed the sale of the entire share capital of the Maritza East III Power Holding BV and Enel Maritza O&M Holding Netherland BV to ContourGlobal LP.

Enel has disposed of the two companies to ContourGlobal for an equity consideration of EUR230m ($333m).

Maritza East III Power Holding BV owns a 73 per cent of the share capital of the Bulgarian company Maritza East 3 AD, the owner of a lignite-fuelled power plant with an installed capacity of 908 MW.

While Enel Maritza O&M Holding Netherland BV holds a 73 per cent of the share capital of the Bulgarian company Enel Operations Bulgaria AD, which is responsible for the operation and maintenance of the Maritza plant.

Located in the south-east of Bulgaria, Maritza accounts for approximately 10 per cent of the country’s total installed capacity.

The transaction, which was agreed in March of this year, has been finalized upon completion of the necessary authorizations from the relevant authorities.

The sale of Maritza is part of the disposal plan previously announced by Enel and will decrease the group’s total financial debt by about EUR460m.

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