Green Power IPO to Help Enel Reduce Debt, Conti Says in Corriere Interview

Enel SpA will reduce its debt through the initial public offering of its Green Power alternative energy unit later this month and the sale of assets, Chief Executive Officer Fulvio Conti said in an interview with Corriere della Sera.

The estimated 3 billion-euro ($4.2 billion) IPO and the sale of assets will cut Enel’s “net financial exposure,” the Milan-based newspaper quoted Conti as saying. Eighty percent of Enel’s debt is on fixed interest rate loans or protected from the risk of rate increases by hedging, Conti told Corriere.

To contact the reporter on this story: Lorenzo Totaro in Rome at ltotaro@bloomberg.net

To contact the editor responsible for this story: John Fraher at jfraher@bloomberg.net