Enel Sells Thermal Generation Activities in Argentina for $102 Million

By Mauro Orru

Enel SpA signed agreements to sell its stakes in two thermal generation companies in Argentina to Central Puerto SA for $102 million, the latest in a series of disposals for the Rome-based energy company.

Enel said late Friday that it had already completed the sale of its 75.7% stake in thermal generation company Enel Generacion Costanera SA. The group also signed an agreement to sell its 41.2% stake in thermal generation company Central Dock Sud, though that disposal is expected to close within the first quarter.

Buenos Aires-based Costanera is the largest thermal power plant in Argentina, Enel said, while Dock Sud owns and operates a gas-fired power plant in the Avellaneda district of Buenos Aires, with an installed capacity of 870 megawatts.

Last year, Enel sold its electricity transmission business in Chile. It also got rid of its entire stake in PJSC Enel Russia in a move to reduce its exposure to Russia following the invasion of Ukraine.

Enel said in November that it planned asset sales worth around 21 billion euros ($22.46 billion) to slash net debt.

Write to Mauro Orru at [e-mail]; @MauroOrru94

(END) Dow Jones Newswires

February 20, 2023 01:40 ET (06:40 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.