Enel Considering Assets Sale in Europe, Africa

Italy's biggest utility Enel SpA is looking to sell its assets in Europe and Africa to raise as much as 1 billion euros ($1.07 billion) as its growth slows amid weak demand in Italy and Spain, Bloomberg reported, citing people familiar with the matter.

 

Debt-laden Enel is working to sell its upstream operations in Algeria, Egypt and Italy while also considering a sale of its renewable energy assets in Portugal, raising as much as 500 million euros ($533.45 million), Bloomberg said.

 

On Monday Reuters cited sources saying Enel, which aims to divest assets worth 5 billion euros ($5.33 billion) through 2019, is looking to enter the broadband telecommunications market..

 

In March, Enel-controlled Enel Green Power sold a 49 percent stake in its North American renewable energy assets to GE Energy Financial Services.

 

Enel did not immediately respond to a request for comment.