Eni agrees to sell 49% of power unit Enipower to Sixth Street (updated)

Sixth Street Specialty Lending

14/03/2022 14:19

(Adds source on value, details)
    MILAN, March 14 (Reuters) - Italian energy group Eni
 ENI.MI  has agreed to sell a 49% stake in power generation unit
Enipower to U.S. investment firm Sixth Street to help fund its
shift to cleaner businesses.
    In a statement on Monday Eni said it would keep operational
control of the unit and would continue to consolidate it in its
accounts.
    Eni gave no financial details but a source familiar with the
matter said the deal valued the stake at around 550 million
euros ($601.70 million).
    Sources told Reuters in January the deal could value the
business at up to 1.2 billion euros.  urn:newsml:reuters.com:*:nL8N2TS5M7
    "The deal is part of Eni's strategy to enhance our assets
and free up new resources for the energy transition," Eni Chief
Financial Officer Francesco Gattei said.
    Sixth Street, which has more than $60 billion of assets
under management, operates in infrastructure and energy
transmission and has invested in more than 6 gigawatts of
renewable power.
    Enipower, Italy's second-biggest power producer, runs six
gas plants with a total installed capacity of around five
gigawatts. 
    Eni was advised by JP Morgan and Sixth Street was advised by
Rothschild.
    



($1 = 0.9141 euros)

 (Reporting by Stephen Jewkes, Editing by Louise Heavens and
Susan Fenton)
 ((stephen.jewkes@thomsonreuters.com; +39.0266129695; Reuters
Messaging: stephen.jewkes.thomsonreuters.com@reuters.net))