(Alliance News) - Enel Spa and its listed subsidiary Enel Chile SA have signed a share purchase and sale agreement with Sonnedix Chile Arcadia Spa and Sonnedix Chile Arcadia Generación Spa, companies both controlled by international renewable energy producer Sonnedix, involving the sale of Enel's and Enel Chile's entire shareholdings in Arcadia Generación Solar Spa, a Chilean company that owns a portfolio of four photovoltaic plants.

The plants are located in the Atacama and Antofagasta regions of northern Chile and have about 416 MW of installed capacity in total.

The company points out that the finalization of the sale is subject to certain conditions precedent customary for this type of transaction, including approval by the Chilean antitrust authority Fiscalía Nacional Económica.

The agreement calls for the buyers to pay, for the entirety of the stakes, a total consideration, subject to adjustments customary for this type of transaction, of USD550 million, or approximately EUR504 million, corresponding to 100 percent of the enterprise value agreed upon by the parties.

As a result, the transaction is expected to generate a positive impact on the Enel group's net debt of approximately EUE504 million and on reported group net income for 2023 of approximately EUR20 million. On the other hand, the transaction is not expected to have an impact on the group's ordinary results of operations.

The photovoltaic plants that make up the portfolio are 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 deal, planned within the Enel group's current strategic plan, "contributes to the objective of continuously improving and optimizing the risk-return profile of the group and its asset base," the company explained in a note.

Enel on Wednesday closed in the green 1.8 percent to EUR6.23 per share.

By Claudia Cavaliere, Alliance News reporter

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