(Alliance News) - Enel Spa and its listed subsidiary Enel Chile SA announced on Wednesday that they had finalized the sale to Sonnedix of their entire shareholdings in the share capital of Arcadia Generación Solar SA, a Chilean company that owns a portfolio of four operating photovoltaic plants totaling about 416 MW of installed capacity.

The transaction was finalized following the fulfillment of all conditions precedent stipulated in the purchase and sale agreement signed on July 12, including approval by the Chilean antitrust authority Fiscalía Nacional Económica.

The buyer paid a total consideration of USD556 million, or approximately EUR525 million, corresponding to 100 percent of the enterprise value agreed upon by the parties.

The transaction is expected to generate a positive impact on the Enel group's net debt of about EUR525 million and reported group net income for 2023 of about EUR50 million. On the other hand, the transaction is not expected to have an impact on the group's ordinary results of operations.

"The transaction, in line with the Enel group's strategic priorities, contributes to the objective of continuously improving the return on invested capital to support future development plans," the company's note reads.

The portfolio consists of four photovoltaic plants located in the Atacama and Antofagasta regions in the northern part of Chile, specifically: Diego de Almagro (36 MW, operational since 2014), Carrera Pinto (97 MW, operational since 2016), Pampa Solar Norte (79 MW, operational since 2016), and Domeyko (204 MW, operational since 2022), which together generate about 1 TWh per year of net generation, the company notes.

The Enel Group is present in Chile through Enel Chile, a leader in the country's renewable energy sector, with a diversified portfolio that includes wind, solar, hydro, and geothermal power.

Sonnedix is a global renewable energy producer with more than a decade of experience in the development, construction and operation of renewable projects and a total capacity of more than 9 GW.

Enel's stock on Tuesday closed in the green by 1.4 percent at EUR5.77 per share.

By Chiara Bruschi, Alliance News reporter

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