{"id":134162,"date":"2021-08-02T16:31:41","date_gmt":"2021-08-02T16:31:41","guid":{"rendered":"https:\/\/precoinnews.com\/?p=134162"},"modified":"2021-08-02T16:31:41","modified_gmt":"2021-08-02T16:31:41","slug":"italys-enel-in-late-stage-talks-to-buy-erg-assets-sources","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/italys-enel-in-late-stage-talks-to-buy-erg-assets-sources\/","title":{"rendered":"Italy's Enel in late-stage talks to buy ERG assets – sources"},"content":{"rendered":"
MILAN (Reuters) – Enel is in late-stage talks to buy a set of assets from Italian renewable energy group ERG that could be worth around one billion euros ($1.2 billion), two sources said on Monday.<\/p> \u201cThe talks could be wrapped up in coming days,\u201d one of the sources said, cautioning a series of issues still needed to be ironed out.<\/p>\n ERG, one of Europe\u2019s leading wind power players, is selling hydroelectric assets along with some gas-fired power plants to speed up the process to create a pure wind and solar player.<\/p>\n Last Thursday Enel CEO Francesco Starace declined to comment when asked about the utility\u2019s interest in the assets during a conference call on earnings results.<\/p>\n Enel, Italy\u2019s dominant hydroelectric player with almost 12.5 gigawatts of capacity, could bring some of its own renewable assets to the table to clinch the deal, the second source said.<\/p>\n But the source added the option was still open-ended.<\/p>\n ERG and Enel declined to comment.<\/p>\n ERG operates 527 megawatts of hydroelectric plants in Italy that generate core earnings of 87 million euros and has 480 MW of gas-fired capacity.<\/p>\n In May it pledged to spend 2.1 billion euros over the next five years to help add 1.5 GW of renewable capacity in Italy and abroad.<\/p>\n France is ERG\u2019s biggest foreign market but the group is looking to expand in other countries like Spain and Sweden.<\/p>\n Enel, which controls Spanish utility Endesa, has a sizable renewable energy portfolio in Spain.<\/p>\n Sources told Reuters in March that Mediobanca and Rothschild were advising ERG in a sale that had drawn interest from utilities like A2A, Iren, Ascopiave and Engie as well as infrastructure investors.<\/p>\n Last week Italian daily MF said Enel was in exclusive talks to buy the assets in tandem with investment group Infracapital.<\/p>\n ($1 = 0.8467 euros)<\/p>\n