Enel Green Power S.p.A. (“EGP”) closed the sale to power company Atlantica Yield of its fully-owned subsidiary Enel Green Power Uruguay S.A. (“EGP Uruguay”), which owns through its project company Estrellada S.A. the 50 MW Melowind wind farm located in Cerro Largo, around 320 km away from Montevideo.
EGP has sold its subsidiary in Uruguay for around 120 million US dollars, equal to the company’s Enterprise Value.
The transaction is part of the disposal programme of non-core assets provided for in the Enel Group’s active portfolio management plan. This strategy allows for the reallocation of resources to areas with a greater growth margin and potential for the Group.
The Melowind farm sells its electricity output to the state-owned power company UTE (Administración Nacional de Usinas y Trasmisiones Eléctricas), which manages the transmission, distribution and sale of electricity in Uruguay, under a 20-year power purchase agreement (PPA).
Atlantica Yield plc owns a diversified portfolio of contracted renewable energy, efficient natural gas, electric transmission and water assets in North and South America, and certain markets in Europe, the Middle East and Africa (EMEA). In Uruguay the company already owns two wind farms for a total capacity of 100 MW.
Enel Green Power is the Enel Group’s business line dedicated to the development and operation of renewables across the world, with a presence in Europe, the Americas, Asia, Africa and Oceania. Enel Green Power is a global leader in the green energy sector with a managed capacity of around 43 GW across a generation mix that includes wind, solar, geothermal and hydropower, and is at the forefront of integrating innovative technologies into renewable power plants.