Enel Succeeds in Brazil Move

Italian power giant Enel said June 5 it has succeeded with its €1.269bn ($1.48bn) offer for a controlling 73.4% stake in Eletropaulo, power distributor for Brazil’s biggest city Sao Paulo.

The deal will make Enel the largest power distributor operator in Brazil with 17mn customers. Payment will be settled June 7; other Eletropaulo shareholders will have until July 4 to sell their shares to Enel at the same price as under its offer (reais 45.22, equivalent to $12.04, per share). Enel improved its offer price several times over the course of this year.

Enel says it has over 3 gigawatts of installed capacity in Brazil, of which more than 300 MW from gas-fired CCGTs, 1,300 MW of hydro capacity, 700 MW from wind, and more than 700 MW from solar.