Enel to sell 416MW Chilean photovoltaic portfolio to Sonnedix for $550m

Enel S.p.A and its subsidiary, Enel Chile S.A., have inked an agreement with global renewable energy producer, Sonnedix, for the sale of a portfolio of four operational photovoltaic (PV) plants in northern Chile.

The plants, located in the Atacama and Antofagasta regions, have a total installed capacity of approximately 416MW. The deal is set at a total consideration of $550 million or roughly €504 million and is subject to approval from the Chilean antitrust authority Fiscalía Nacional Económica (FNE).

Enel and Enel Chile will be selling their entire equity interests in Arcadia Generación Solar S.p.A., the company which owns the portfolio. Enel holds approximately 0.009% of the equity interests, while Enel Chile holds the remainder. The four PV plants included in the portfolio are Diego de Almagro, Carrera Pinto, Pampa Solar Norte, and Domeyko. Together, these plants generate around 1 TWh/year of net production.

Enel Group to sell Chilean photovoltaic generation portfolio to Sonnedix. Photo courtesy of Blackcat/Wikimedia Commons.

The transaction is expected to contribute positively to the Enel Group’s net debt of approximately €504 million and reported Group net income for 2023 of roughly €20 million. However, it is projected to have no impact on Group ordinary economic results. The deal aligns with the Enel Group’s strategic plan to consistently improve and optimize the risk-return profile of the Group and its asset base.

Sonnedix, a company with over a decade of experience in developing, building, and operating renewable energy projects, currently manages over 9 GW of total capacity worldwide. This acquisition underscores its focus on the development of renewable energy projects in OECD countries.