Ialian utility group Enel says it will sell its subsidiaries in several countries including Romania next year, according to a report unveiled at a company comference.
The decision was announced as a “friendly separation” and comes after it announced 2 billion euros of investments in green energy projects in the country.
In March 2021, Enel Green Power, the green energy division of the Italian utility group Enel, signed an agreement with Monsson group to build 1,000 MW of wind and solar projects in Romania.
„Activities in Europe will focus on Italy and Spain, as we will exit Romania,” said Alberto De Paoli, the financial director of the company, on Tuesday.
Enel said it wanted to sell 21 billion worth of assets to reduce its net debt and focus on its presence in six countries, according to the company’s current strategy.
Francesco Starace, CEO of the Italian group explained that “we have reached a point where it is difficult to achieve additional growth in the future.”
He emphasized that government’s regulations were not a reason for the exit.
„The reason we are leaving is not that we don’t like the legal and regulatory framework in Romania, which is no better or worse than others. Enel has approximately 3,100 employees in Romania and offers services to approximately 3 million customers.
Enel Energie and Enel Energie Muntenia are among the main energy providers in the country, offering electricity and natural gas.
Enel Green Power Romania is one of the largest producers of renewable energy in the country, with wind and photovoltaic installations located in Dobrogea, Banat, Oltenia and Muntenia.
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