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Enel to proceed with €4bn IPO
ITALY’S biggest utility Enel plans to list a stake in its renewables unit despite difficult market conditions and a potential change to Italy’s renewable incentives scheme, Chief Executive Fulvio Conti said.
Enel, with debts of €51.9bn at the end of March, aims in October to raise €3-4bn from the sale of a minority stake in Enel Green Power (EGP), in what would be Europe’s largest initial public offering (IPO) so far this year.
“EGP can be floated in turbulent markets such as these. It is yielding money, it is not a pie in the sky company,” Conti said.