Enel to Sell Assets Worth €21 Billion in Bid to Reduce Debt
- Italy biggest utility to exit from Argentina and Peru
- The firm reduced its guidance earlier this month amid crisis
This article is for subscribers only.
Enel SpA plans to sell assets worth as much as €21 billion ($22 billion) to cut its record debt pile, leading to exits from markets in South America and Europe.
Italy’s biggest utility, which issued a profit warning earlier this month, is struggling with rising debt after an acquisition spree to boost renewable energy production. Enel has also in the past few years been hurt by soaring costs amid the energy crisis, droughts cutting hydro power output and lower demand because of the pandemic.