Enel reached an agreement for the sale of Enel Maritza East 3 TPP

EnergyNewsSouth-East European INDUSTRIAL Мarket - issue 2/2011

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Enel S.p.A. announces that it has reached an agreement with ContourGlobal LP (ContourGlobal) for the sale of the entire share capital of the Netherlands-registered companies Maritza East III Power Holding BV and Maritza O&M Holding Netherland BV, which own, respectively, 73% of the share capital of the Bulgarian company Enel Maritza East 3 AD, which in turn is the owner of a lignite-fired power station with an installed capacity of 908 MW (Enel Maritza East TPP), and 73% of the share capital of the Bulgarian company Enel Operations Bulgaria AD, responsible for operating and maintaining Enel Maritza East 3 TPP. Located in the south-east of Bulgaria, Enel Maritza East TPP accounts for about 10% of the country’s total installed capacity. In 2010 it posted revenues of about 231 million euros and EBIT of about 69 million Euros.
ContourGlobal will pay Enel a total of 230 million euros for the companies. The enterprise value at closing for 100% of the share capital of the companies involved in the disposal is an estimated 535 million euros, corresponding to 0.59 million euros per MW.

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