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Enel secures contracts for wind projects in Argentina, Brazil

Enel SpA has secured contracts for 100 MW of wind capacity in Argentina and 618 MW of wind capacity in Brazil.

Through its Enel Green Power Argentina subsidiary, Enel won the right to build the 100-MW Pampa wind farm in Chubut Province and sell the facility's output to wholesale electric market management company CAMMESA S.A. under a 20-year power purchase agreement. The company is allotting nearly $130 million for the construction of the wind farm, with an expected operations date in the first half of 2020.

In Brazil, Enel Green Power Brasil Participações Ltda. was awarded the right to sign 20-year power supply contracts for three new wind projects totaling 618 MW. The company is investing about $750 million for the construction of the 510-MW Lagoa do Barro, the 78-MW Morro do Chapéu II, and the 30-MW extension of Enel’s already operational Delfina wind farm. The facilities will be built in the northeastern Brazilian states of Piauí and Bahia, and are all slated to start operations in early 2023.

The Brazilian subsidiary was also previously awarded the right to sign 20-year power supply contracts in the country for 388 MWdc of solar.

Enel, through its subsidiaries, owns a total installed renewable capacity of nearly 2,660 MW in Brazil, and operates approximately 4,500 MW of thermal and hydro capacity in Argentina.

Meanwhile, Enel Chile SA and Enel Generación Chile SA agreed to adopt resolutions on the reorganization of Enel Group's shareholdings in Chile.

The shareholders of the subsidiaries agreed that the reorganization would involve the integration of the Chilean renewable assets held by Enel Green Power Latin America SA into Enel Chile through merger by incorporation. The merger is conditional on the withdrawal of shareholders holding no more than 5% of share capital of Enel Chile.

Enel Chile will also launch a public tender and exchange offer for all of the shares of the subsidiary Enel Generación Chile SA held by minority shareholders, conditional on Enel Chile's acquisition of a total number of shares that would increase its stake in Enel Generación to more than 75% of the share capital from the current 60%.

Lastly, the shareholders adopted an amendment of the bylaws of Enel Generación Chile to remove the limits on share ownership in the company, which currently prohibits any single shareholder from owning more than 65% of the company's shares.