Fedaia Holdings to buy Hydro Dolomiti share from Enel

Fedaia Holdings S.a.r.l., a subsidiary of Macquarie European Infrastructure Fund 4, has signed an agreement to buy Enel Produzione S.p.A.’s 49% stake in Hydro Dolomiti Enel S.r.l.

The €335 million (US$360 million) transaction is part of the divestments of minority shareholdings provided for in the Enel Group’s active portfolio management strategy announced to the market last March and also aimed at financing further growth opportunities, according to a press release.

Hydro Dolomiti Enel operates hydroelectric plants, mainly in Italy’s Trento province, that have a total installed capacity of about 1,280 MW. These assets comprise 26 large hydropower plants for a total of 1,277.3 MW and two small hydro plants totaling 2.4 MW. In 2014, the company generated 4.2 TWh of electricity and reported earnings before interest, taxes, depreciation and amortization of €247 million (US$263 million)

The closing of the sale is conditional on Dolomiti Energia S.p.A., which owns 51% of Hydro Dolomiti Enel, waiving or not exercising its right of pre-emption and on the buyer receiving clearance from the EU antitrust authority, Enel says.

According to its website, Enel Group operates in more than 30 countries across four continents with a net installed capacity of more than 89 GW. Through Enel Green Power, the company manages more than 10 GW of installed capacity from hydro, wind and solar arrays, and biomass and cogeneration plants.

Macquarie European Infrastructure Fund 4 had its final close in April 2013 with total commitments of €2.7 billion (US$2.9 billion). The fund is targeting core infrastructure investments that offer: essential services to the community, strategic competitive advantage, inflation link, and/or sustainable and predictable cash flows over the long term.

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