contacts   |

 

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Edison/Edipower shareholding reorganisation

  • Following, the main points of the deal (on the basis of the agreement dated May 5th, 2012)

1. acquisition of 70% of Edipower by the Italian shareholders of Edison (total purchase price equal to Euro 883.7 million)
2. exit from Edison by the Italian shareholders for a total amount of Euro 783.7 million (implied share price of Edison equal to Euro 0.89)
3. signing of a supply gas contract: Edipower would enter a contract of about 1 Bcm of gas for the next six years supplied by Edison at market terms

  • On May 14th, 2012 a banking syndicate composed of 9 banks undertook to conclude a Euro 1,250 million funding contract with Delmi
  • On May 24th, 2012, execution date of the deal, A2A, Iren and the other shareholders of Delmi entered into agreements relating to the governance and functioning of Delmi and Edipower, as well as the possible minority shareholders exit
  • Tolling for the main thermoelectric plants and power purchase agreement for the hydroelectric plants were signed (length 8 years). Edipower is the tollee, A2A and Iren are the tollers with a share equal to 77% and 23% respectively.

Edipower

EDIPOWER: 2011 ASSETS PORTFOLIO (MW)
  Energy market zone Technology Installed net capacity
Thermoelectric plants     6,574
Chivasso (TO)  Northern  CCGT 1,153
Turbigo (MI) Northern  CCGT/OCGT oil&gas 1,561
Piacenza Northern  CCGT 790
Sermide (MN) Northern zone CCGT 1,150
Brindisi Southern(1) Coal 640
San Filippo del Mela (ME) Sicily  Fuel oil (must run) 1,280
Hydroelectric plants     736
Mese (SO) Northern reservoir (5 plants); basin (2 plants);
run of river (5 plants)
356
Udine Northern reservoir (2 plants); basin (1 plant);
run of river (5 plants);
mini hydro/run of river (18 plants)
290
Tusciano (SA) Central-Southern  reservoir (1 plant); run of river (6 plants) 90
Photovoltaic plants     3.35
Chivasso (TO)  Northern    0.87
Sermide (MN) Northern   1.00
Brindisi Southern(1)   0.72
San Filippo del Mela (ME) Sicily    0.77
Total capacity     7,313
(1) With constraints.