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Enel Set to Float Renewables Unit in 2009

September 2, 2008
Source: New Energy Finance

Italian power behemoth Enel is likely to list up to 40% of its clean energy unit in 2009 and aims to have over 7GW of installed renewables capacity by 2012.

A spokesman for Enel told New Energy Finance that an IPO of the unit, which will be set up under the name Enel Greenpower by the end of the year, is "the most probable option," although it has not ruled out a private sale of the stake.

"It will be a different animal from other renewable energy public offerings, as it will not just be wind, but mini-hydro, geothermal and solar as well", he said.

At the end of 2007, Enel had 1.5GW of mini-hydro, 857MW of wind and 678MW of geothermal capacity, alongside 47MW of other renewables, primarily solar. By 2012, it hopes to have 1.7GW of mini-hydro, 4752MW of wind, 837MW of geothermal and 86MW of other renewables capacity, the spokesman said.

Large hydro-electric projects will be excluded from the new unit.

Enel already has a group of banks working on the share sale but these will not be confirmed until later this year, once the formal decision on the IPO is made, the spokesman said.