• Total revenues: 2,242 million euros (2,084 million euros as of September 30th, 2014,+7.6%)
• EBITDA: 1,470 million euros (1,317 million euros as of September 30th, 2014, +11.6%)
• EBIT: 680 million euros (813 million euros as of September 30th, 2014,-16.4%)
• Group net income: 245 million euros (395 million euros as of September 30th, 2014,
• Net financial debt: 7,345 million euros (6,038 million euros as of December 31st, 2014,+21.6%)
• Net installed capacity: 10.6 GW (9.5 GW(1) as of September 30th, 2014, +11.6%)
• Net electricity generation: 24.9 TWh (23.5 TWh as of September 30th, 2014, +6.0%)
RECENT KEY EVENTS
Major success for Enel Green Power, which becomes Brazil’s top solar player with the award of 553 MW of capacity in tender
On August 31st, 2015, Enel Green Power announced that it had been awarded the right to sign 20-year energy supply contracts in Brazil for a total of 553 MW with its three new solar photovoltaic projects Horizonte MP (103 MW), Lapa (158 MW) and Nova Olinda (292 MW) following the “Leilão de Reserva” public tender. Enel Green Power will be investing a total of approximately 600 million US dollars in the construction of the three new solar facilities, which will be completed and enter into service by 2017.
Horizonte MP will be built in Tabocas do Brejo Velho in the State of Bahia, which is located in Brazil’s north-east. Once up and running, the plant will generate about 223 GWh of renewable energy annually while avoiding the emission of around 67,000 tonnes of CO2 into the atmosphere.
The Lapa project will be built in Bom Jesus da Lapa in the State of Bahia. Once up and running, the plant will generate about 340 GWh each year while avoiding the emission of approximately 102,000 tonnes of CO2 into the atmosphere.
Nova Olinda will be constructed in Ribeira do Piaui in the State of Piaui. The plant will generate about 604 GWh per year once fully operational, avoiding the emission of around 181,000 tonnes of CO2 into the atmosphere in the process.
Enel Green Power enters the Indian market by acquiring a majority stake in BLP Energy
On September 24th, 2015, Enel Green Power announced the acquisition of a majority stake in BLP Energy, the utility scale wind and solar subsidiary of Bharat Light & Power Pvt Ltd for a total consideration of approx. 30 million euros. With this transaction Enel Green Power enters the Indian renewables market, bringing the latest renewable technology and global best practices in engineering design and project development, based on its presence in 17 countries.
Enel Green Power sells all its assets in Portugal
On September 30th, 2015, Enel Green Power announced that its subsidiary Enel Green Power España, S.L. ("EGPE") had signed an agreement with Portuguese company First State Wind Energy Investments S.A. for the sale of the entire share capital of Finerge Gestão de Projectos Energéticos, S.A. ("Finerge"), a wholly-owned EGPE subsidiary active in the Portuguese renewables sector. The total consideration for the sale is about 900 million euros, including the repayment of a shareholders’ loan allocated to Finerge.
Enel Green Power will exit the Portuguese renewables market upon completion of the disposal, due in the last quarter of 2015. The total consideration of 900 million euros is subject to price adjustments in line with standard practice for this type of transaction. The amount will be paid in full on the date of completion of the sale.
Enel Green Power and F2i sign agreement for the creation of photovoltaic joint venture in Italy
On October 16th, 2015, Enel Green Power announced that it has reached an agreement for the creation of a equal joint venture with F2i SGR S.p.A. ("F2i"), acting on behalf of F2i – Fondo italiano per le infrastrutture, together with their respective subsidiaries Enel Green Power Solar Energy S.r.l. and F2i Energie Rinnovabili S.r.l. Under the agreement, Enel Green Power will form a new company, to which it will contribute, through its subsidiary Altomonte FV S.r.l., 105 MW of PV assets. F2i will in turn contribute an additional 105 MW of PV assets currently held by F2i Solare 1 S.r.l. and F2i Solare 3 S.r.l., subsidiaries of F2i Energie Rinnovabili S.r.l.
The enterprise value of the Enel Green Power assets is 230 million euros, while that of the F2i assets is 285 million euros. The equity value of Enel Green Power assets is 88 million euros net of minorities, while that of the F2i assets is 106 million euros. In order to guarantee equal shareholdings in the joint venture, Enel Green Power will also make an 18 million euro cash contribution at the time of the transfer of Altomonte FV S.r.l.’s investment. The value adjustment customary for this kind of transaction is expected to be carried out in 2016.
Enel Green Power plans to use the joint venture to: i) reduce operating expenses by implementing the programmes already in place for existing photovoltaic plants; ii) optimise energy management with the proactive management of EGP’s assets, leveraging the company’s expertise; iii) optimise debt to seize new financing opportunities in a new market environment of low interest rates.
Enel Green Power has an option to acquire an additional 2.5% of the joint venture, which would give it control. The agreement also gives F2i the possibility of contributing by 2016 an additional 58 MW of capacity, with Enel Green Power making an additional cash injection to maintain the two partners’ equal stakes in the joint venture.
The transaction, which is expected to close by the end of 2015, is subject to the approval of the EU antitrust authority and other standard conditions precedent.
Following the closing, Enel Green Power will benefit from a positive impact on its net financial debt of 121 million euros.
Enel Green Power starts construction of new wind farm in Mexico
On October 27th, 2015, Enel Green Power (“EGP”) announced that it had started construction of the new Palo Alto wind farm in the Mexican state of Jalisco. The wind farm, which is located in Ojuelos, is owned by Energia Limpia de Palo Alto S. de R.L. de C.V., a subsidiary of Enel Green Power Mexico S. de R.L. de C.V. The facility will comprise 43 wind turbines of 3 MW each for a total installed capacity of 129 MW. Once fully operational, Palo Alto will be able to generate more than 350 GWh per year, equivalent to the annual energy consumption needs of about 200,000 Mexican households, while avoiding the annual emission of nearly 200,000 tonnes of CO2 into the atmosphere. The wind farm, which is expected to be completed and enter into service in the second half of 2016, is supported by long-term power purchase agreements.
In line with the growth targets of the EGP business plan, the company will be investing approximately 250 million US dollars, funded through Enel Green Power Group resources.
Enel Green Power consolidates 445 mw of wind power in Portugal following ENEOP split
On October 28th, 2015, Enel Green Power announced that it had acquired ownership of six wind farms in Portugal with a total installed capacity of 445 MW following the approval by the Shareholders Meeting of Eólicas de Portugal, SA (“ENEOP”) to split the company and allocate its 1,333 MW of wind power assets to its shareholders, pro rata with their shareholdings in the company.
ENEOP was a joint venture between EGPE, through its subsidiary Finerge and TP-Sociedade Térmica Portuguesa SA (“TP”) – which in turn is wholly-owned by Finerge -, EDP Renewables SGPS SA and Generg Expansão SA. Including these new assets, EGP now has 642 MW of net installed capacity in Portugal.
The whole report is available HERE
SOURCE: Slovenské elektrárne, an ENEL Group Company