Vattenfall has agreed to sell its Belgian operations for about $227m to Italian energy company Eni on an enterprise value basis.

The transaction covers Nuon Belgium N.V. as well as its subsidiary Nuon Wind Belgium N.V. and Nuon Power Generation Walloon N.V.

Nuon Belgium serves about 550,000 electricity and gas connection points and has about 150 employees. Nuon Belgium also holds 4.5 MW renewable energy capacity through its subsidiary Nuon Wind Belgium. Nuon Power Generation Walloon comprises a CCGT (Combined Cycle Gas Turbine) power generation project in an advanced stage of development.

Vattenfall and Eni expect the transaction to be completed in 2011 after European Competition approval is obtained.

The sale of Vattenfall’s Belgian operations is part of Vattenfall’s new strategic direction as announced in September 2010, focusing on the core business and markets in Sweden, Germany and Netherlands.

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