Enel eyes IPO of renewables unit as it hires bank advisers

City A.M. Reporter
Enel, Europe’s most indebted utility, has picked three banks to coordinate floating part of its renewable energy unit, sources said, a sign this is the group’s preferred sale route to help cut debt.

Italy’s largest utility aims to raise as much as €4bn (£3.33bn) from an initial public offering (IPO) of a minority stake in its Enel Green Power unit, in what could be the biggest European offering this year.

The company has pursued a dual-track process for selling the stake – planned for October – meaning that it could, in theory, turn back from the IPO at the last minute should a private sale offer a higher price.

Enel, over 30 per cent state-controlled, has lined up Credit Suisse, Goldman Sachs and Mediobanca as global coordinators for its plans to list its renewable unit, Enel Green Power.