Enel stops further acquisitions in Brazil as it sells assets to raise $1.8B

Italy, Milan: Italian utility Enel SpA has decided to halt further acquisitions in Brazil for the time being as it prepares to complete asset sales of up to $1.8 billion in the second half of the year, reports Reuters.

In June, Europe’s biggest utility acquired a majority stake in Brazilian power company Eletropaulo spending almost $1.5 billion, and last year it bought Brazilian power distributor CELG for about $640 million.

According to Reuters, Enel CFO, Alberto De Paoli, said the group is expecting to complete the sale of renewable energy assets in Mexico and Brazil as well as coal and biomass operations, hoping to raise up to $1.8 billion.

Enel, which controls Spanish utility Endesa SA, is one of the biggest energy players in South America.

Source: Reuters