Edison: closes the sale of seven CIP6 thermoelectric power plants to Cofathec and Seci Energia
Milan, April 8, 2008 – After receiving the required clearance from the relevant antitrust authorities, Edison closed today the sale of six thermoelectric power plants to Cofathec Servizi, a Gaz de France Group company. These facilities, which operate under CIP6 contracts, have a combined installed capacity of about 370 MW. In a separate transaction, Edison will tomorrow close the sale to Seci Energia, a company of the Maccaferri Group, of a 70% interest in a company that controls a 170-MW thermoelectric power plant in Celano (Aq). Seci Energia, which already owned a 30% interest in this company, exercised the preemptive right it held pursuant to earlier agreements.
The price paid by Cofatech Servizi to Edison for the power plants — located in Castelmassa (Ro), Nera Montoro (Tr), Pomigliano (Na), Settimo Torinese (To) and Spinetta Marengo (Al) — and for the 70% stake in the company which controls the plant of Boffalora (Mi), amounted to 128 million euros. Seci Energia will pay Edison approximately 70 million euros for the 70% interest in Termoelettrica Celano. Overall, the contract prices paid, which will be adjusted in the next 30 days taking into consideration net financial positions, are consistent with the carrying values of the underlying assets. These two transactions will produce a positive effect of about 200 million euros on the consolidated net financial position of the Edison Group.
The sale of these seven power plants took place after a competitive bidding process involving several industrial and financial bidders. Consistent with Edison’s Industrial Plan, it is part of a process designed to streamline Edison’s facilities portfolio and focus on combined-cycle power plants that serve the deregulated market and the development of facilities that use renewable sources of energy.
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Public disclosure required by Consob Resolution No. 11971 of May 14, 1999, as amended.