Enel has signed an agreement to sell Marcinelle Energie S.A, a 100% subsidiary of Enel’s fully-owned investment vehicle Enel Investment Holding B.V. to French electricity supplier Direct Energie S.A.
Following the closing of the transaction, expected around the end of 2016, Enel will step out of the Belgian market. Marcinelle Energie owns and operates a combined cycle gas turbine (CCGT) power generation plant of around 400 MW in Belgium.
Completion of the sale is subject to the meeting of conditions precedent, in particular the authorization by Belgian competent authorities. The sale price will be subject to customary completion adjustments, including an earn out.
The transaction is part of the €6 billion (US$6.3 billion) disposal programme of non-core assets provided for in Enel’s active portfolio management plan. This strategy will allow the Group to reallocate resources to drive growth in key areas such as networks and renewables. To date, the Enel Group has finalised agreements for the sale of assets with a value of about €4.1 billion (US$4.28 billion).
The Marcinelle CCGT plant, located in Charleroi, Wallonia Region, was completed in 2012 and has around 40 employees. In 2015, it produced around 1.2 TWh of electricity.