MILAN, Aug 23 (Class Editori) - Enel Russia will be greener and greener after the sale of Reftinskaya Gres to Jsc Kuzbassenergo for about 300 million euros, approved on July 22 last year by the extraordinary shareholders' meeting. For this reason, immediately after the go-ahead for the operation, the company updated the business plan in consideration of the new perimeter and the green objectives. In line with the sustainable growth model of the parent company, which aims to completely decarbonise its generation park by 2050, the Russian subsidiary will develop at least 360 megawatts of renewable capacity in the coming years.
The green energy race in Russia started in 2017, when Enel was awarded two wind projects in Azov and Murmansk for 291 MW, with a total investment of 405 million euros. Azov should start operations by the end of 2020. Last June, another 71 MW arrived, again with wind capacity in a subsequent auction announced by the Russian government, which committed resources of 90 million euros. The project includes synergies with the Nevinnomysskayal plant, given the proximity between the two plants. The new perimeter of Enel Russia has three subsidiaries dedicated to renewable projects: Enel Rus Wind Generation, Enel Rus Wind Kola and Enel Rus Wind Azov. In the updated plan it is admitted that the release of Reftinskaya will cause a temporary pressure on leverage, but it also explained that the proceeds will be used for new investments (mainly in new green projects) while as for the repayment of debts: “other options are to be considered.” The new dividend policy, for example, will be decided with the 2020-2022 plan.
In the meantime, the Russian market has grown. Revenues of the Enel subsidiary in the second quarter rose by 7.1%, to 225 million euros. The mol reached 4.9% up to 43 million euros, while the operating result turned negative by 92 million euros due to the devaluation of 120 million euros charged to Reftinskaya Gres, necessary to adjust its value to the selling price. Due to the green turnaround, investments doubled during the semester up to 63 million euro.
Meanwhile, Enel has appointed the new country manager for Romania, chosen within the ranks of Enel Green Power. This is Carlo Pignoloni, already responsible for renewables for Italy. Pignoloni replaces Georgios Stassis, who left the Enel group to take on the role of president and managing director of the main Greek utility Ppc (Power Public Corporation).
“We are delighted to have Carlo Pignoloni as Enel's new country manager in Romania,” said Simone Mori, Enel's Europe and Euro-Mediterranean Affairs manager. “His knowledge of conventional business, combined with his experience in renewable energy, made him an ideal candidate for this role. In the same way, in my name and of the whole Enel group, I would like to extend my gratitude and my appreciation to Georgios Stassis for the excellent work he has been doing over the years and wish him all the best for his new, challenging role.” Pignoloni is not new to Romania, where from 2008 to 2011 managed the activities of Enel Green Power.
His appointment came just as rumors were circulating on the market about the first round of non-binding offers for Enel's assets in Romania. Apparently Allianz Capital Partner, Dws, Macquarie Infrastructure and Real Assets, Eph, Hidroelectrica, First State and the local company Rcs & Rds had come forward.
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