Enel of Italy Said to Pick Mediobanca, Goldman Sachs for Green Power IPO

Enel SpA, Italy’s biggest utility, plans to hire Mediobanca SpA, Goldman Sachs Group Inc. and Credit Suisse Group AG to manage the initial public offering of its Green Power unit, said two people familiar with the sale.

Morgan Stanley, JPMorgan Chase & Co., Bank of America Merrill Lynch, UniCredit SpA, Intesa Sanpaolo SpA and BNP Paribas SA were chosen as joint bookrunners for the IPO, planned for October, said the people, who declined to be identified because the talks are private. The Rome-based utility hasn’t yet signed contracts with the banks, said the people.

Enel is planning a 4 billion-euro ($5.2 billion) IPO of its Green Power division, which manages wind, solar, biomass, hydro and geothermal power producers in 17 countries, to help repay debt. The company also is considering selling a stake in the unit to long-term investors, together with or as an alternative to the IPO, it said in a statement on July 29.

An Enel spokeswoman in Rome declined to comment.

It would be the biggest IPO in western Europe since December 2007, when Iberdrola Renovables SA raised 4.1 billion euros, according to data compiled by Bloomberg.

To contact the reporter on this story: Zijing Wu in London at zwu17@bloomberg.net;

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