Enel Signs Deal for the Sale of PV Portfolio in Chile to Sonnedix

Enel S.p.A. ("Enel") and its listed subsidiary Enel Chile S.A. (“Enel Chile”) today signed a stock purchase agreement with Sonnedix Chile Arcadia S.p.A. and Sonnedix Chile Arcadia Generación S.p.A. ("Purchasers”), both companies controlled by the international renewable energy producer Sonnedix, for the sale of the entire equity interests (“Equity Interests”) held by Enel (approx. 0.009%) and Enel Chile (approx. 99.991%) in the share capital of Arcadia Generación Solar S.p.A. (“Target Company”), a Chilean company which owns a portfolio of four operating photovoltaic (PV) plants. The assets are located in the regions of Atacama and Antofagasta, in northern Chile, and have a total installed capacity of approximately 416 MW. The closing of the sale is subject to certain conditions precedent customary for these kinds of transactions, including the clearance from the Chilean antitrust authority Fiscalía Nacional Económica (FNE).

The agreement provides that the Purchasers, for the entire Equity Interests, will pay a total consideration, subject to adjustments customary for these kinds of transactions, of 550 million US dollars, equivalent to approximately 504 million euros1, corresponding to the 100% enterprise value agreed by the Parties. As such, the transaction is expected to generate a positive impact on Enel Group’s net debt of around 504 million euros and on reported Group net income for 2023 of approximately 20 million euros. Conversely, the transaction is set to bear no impact on Group ordinary economic results.

The solar PV 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 jointly generate approximately 1 TWh/year of net production.

The transaction, foreseen in the Enel Group’s current Strategic Plan, contributes to the objective of constantly improving and optimizing the risk-return profile of the Group and of its asset base.

The Enel Group is present in Chile through Enel Chile, a leader in the country's renewable energy market, with a diversified portfolio comprising of wind, solar, hydroelectric, and geothermal.

[1] Enel’s leadership in the different categories is defined by comparison with competitors’ FY2022 data. Fully state-owned operators are not included.