Edison Closes Sale of Seven Italian Thermoelectric Facilities

Italian utility Edison has closed the sale of seven of its thermoelectric power plants to Cofathec Servizi, a Gaz de France Group company, after receiving the required clearance from antitrust authorities. These facilities have a combined installed capacity of about 370MW.

In a separate transaction, Edison will close the sale to Seci Energia of a 70% interest in Termoelettrica Celano, a company that controls a 170MW thermoelectric power plant in Celano, Italy.

Seci Energia, which already owns a 30% interest in Termoelettrica Celano, exercised the pre-emptive right it held pursuant to earlier agreements.

The price paid by Cofatech Servizi to Edison for the power plants located in Castelmassa, Nera Montoro, Pomigliano, Settimo Torinese and Spinetta Marengo, and for the 70% stake in the company which controls the plant at Boffalora, amounted to E128 million. Seci Energia will pay Edison approximately E70 million for the 70% interest in Termoelettrica Celano.

The sale of these assets is inline with Edison’s ambitions to streamline its facilities portfolio and focus on combined-cycle power plants that serve the deregulated market and the development of facilities that use renewable sources of energy.