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Eni agrees to sell 49% of power unit to Sixth Street Partners -Breaking

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© Reuters. FILE PHOTO – The Eni logo is displayed at an Italian gas station, Rome, Italy on August 16, 2018. REUTERS/Max Rossi

MILAN (Reuters – Eni, an Italian energy company has sold a 49% share in Enipower’s power generation unit to Sixth Street Partners of the United States to fund its transition to cleaner business models.

Eni stated Monday that it will continue operational control over the unit, and it will consolidate it into its accounts.

Eni didn’t give any financial details, however, a source who is familiar with this matter claimed that the transaction valued the stake as high as 500 million euros. ($548 million).

Sources informed Reuters that the transaction could bring the business to 1.2 billion Euros.

Francesco Gattei (Eni Chief Financial Officer) stated, “This deal is part Eni’s strategy for increasing our assets to free up new resources in the energy transition.”

Enipower Italy is the second-largest power producer. Six gas plants have an installed capacity totaling around 5 gigawatts.

($1 = 0.9128 euros)

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