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Enel divests 540 MW of renewable portfolio in Brazil to Chinese company

Enel Green Power Brasil Participações Ltda. signed agreements Jan. 16 to sell 540 MW of its operational renewable facilities in Brazil to Chinese company CGN Energy International Holdings Co. Ltd.

Under the deal, the Enel SpA subsidiary will sell the 292-MW Nova Olinda and 158-MW Lapa solar projects and the 90-MW Cristalândia wind farm for about 2.9 billion Brazilian reais, or about €700 million, according to a company news release.

"With the sale of these assets we are capturing value for further growth in Brazil, where we are implementing a large pipeline of renewable projects," said Antonio Cammisecra, head of Enel Green Power. "We remain focused on the opportunities offered by the Brazilian renewable market and we are continuing to invest in the country where Enel Green Power will play an active role by carrying out new projects and managing the fleet of operating plants."

The deal is expected to close in the first quarter of 2019, subject to certain conditions and approvals.

The two solar facilities hold 20-year supply contracts with the Brazilian Chamber of Commercialisation of Electric Energy. The Cristalândia wind farm has a 20-year power contract with several electricity distribution companies.

Nova Olinda is in Ribeira do Piauí; Lapa is in Bom Jesus da Lapa; and Cristalândia is in the municipalities of Brumado, Rio de Contas and Dom Basilio.

As of Jan. 15, US$1 was equivalent to 3.72 Brazilian reais.