Milan — Enel (ENEI.MI) plans asset sales worth 21 billion euros ($21.51 billion) to reduce net debt and focus its presence in six core countries, Italy’s biggest utility said on Tuesday in its 2023-25 strategy update.
The bulk of the asset disposal plan – which will target assets in Peru and Romania among others – will be rolled out by the end of 2023, the group said in a statement.
Enel, which could also sell its gas portfolio in Spain, aims to reach a 51 billion-52 billion euro net debt target by the end of next year, from 69 billion euros at the end of September.
Ordinary EBITDA is expected to grow to between 22.2 billion and 22.8 billion euros in 2025 from 19.0 billion-19.6 billion euros estimated in 2022.
The state-controlled group also said it intends to invest a total of around 37 billion euros in the next three years of which 60% would be in energy generation, customers and services, and 40% in grid development.
Enel pledged to reward investors with a 0.43 euro dividend for the 2023-2025 period, up from 0.40 euros in 2022.
($1 = 0.9761 euros)
Francesca Landini, editing: Federico Maccioni, Kirsten Donovan – Reuters
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