Italian group Enel signed agreements with PJSC Lukoil and private fund Gazprombank-Frezia to sell its entire stake in Enel Russia.
The stake, equal to 56.43% of the share capital, is sold for an overall consideration of about 137 million euros that will be paid at closing.
Following completion of the transaction, Enel will dispose of all its Russian power generation assets, which include approximately 5.6 GW of conventional capacity and around 300 MW of wind capacity.
The transaction is expected to generate a positive effect on the group’s consolidated net debt of about 550 million euros.
On the other hand will generate a negative impact on reported Enel net income for approximately 1.3 billion euros.
The closing of the transaction, which is expected within the third quarter of this year, is subject to a series of conditions precedent.