Italy's Enel edging out rivals for ERG assets: press
Italian energy company Enel is beating its rivals in the pursuit of the hydroelectric and gas assets from Italian renewable energy company ERG, national media reported July 19.
Italian news service Il Sole 24 Ore (The Sun 24 Hours) reported that Enel is a front-runner in the pursuit of some €1bn ($1.18bn) in assets up for grabs from ERG. According to the report, that puts it ahead of French major TotalEnergies.
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ERG launched the sale of its hydroelectric and gas-fired power assets in March. It is looking to raise capital through the sale for reinvesting in its solar and wind businesses abroad and maintaining its credit stability. It has not yet decided whether to divest the assets separately or as a package.
The Italian newspaper reported that offers from big energy companies such as TotalEnergies would be motivated by the pressure to support the energy transition through diversification into other segments of the sector. ERG is the biggest wind energy operator in Italy and one of the largest in Europe, with nearly 2 GW of installed capacity. But it also controls 527 MW of hydroelectric capacity and 480-MW of gas-fired generation in Italy.
A final decision on the sale is expected by the end of July.