Enel Chile signs agreement to sell Enel Transmission

Published on Thursday, 28 July 2022

Santiago, July 28, 2022. Enel Chile signed today an agreement with Grupo Saesa to sell its entire stake in Enel Transmission, equal to 99.09% of the share capital. The transaction will be carried out through a full takeover bid that Grupo Saesa has committed to launch once obtained the approval of the National Economic Prosecutor's Office (FNE), one of the necessary conditions to carry out this type of operation.

The agreement provides that SAESA will pay a consideration of 1,526 million US dollars, in terms of Enterprise Value, for the entire stake held by Enel Chile in Enel Transmission, subject to a price adjustment mechanism established in the agreement.

This transaction is in line with our asset rotation strategy. In this period, we are prioritizing the financial sustainability of our company, to continue with our decarbonization plan and the promotion of electrification, as pillars of the just energy transition that we are leading in the country”, explained the general manager of Enel Chile, Fabrizio Barderi.

Enel Transmission Chile S.A. operates and owns 683 kilometers of transmission lines, of which 183 kilometers correspond to the National Transmission System, 499 kilometers to the Zonal D Transmission System, 0.1 kilometers to the Zonal C Transmission System, and 0.2 kilometers to a dedicated transmission line. Additionally, it operates 57 of its own substations and owns and operates assets that are installed in 3 substations owned by third parties.

Grupo Saesa is the second largest electricity distributor in Chile in terms of geographic coverage. It supplies electricity to around 950,000 customers and operates 63,476 km of distribution lines, 2,280 km of transmission lines and 75 substations. In addition, it has 275 MW of wind, hydroelectric and diesel generation. The controllers of Grupo Saesa are the Canadian pension funds Ontario Teachers' Pension Plan (OTPP) and Alberta Investment Management Corporation (AIMCo), with a 50% stake each.

Enel Chile has operations in the energy generation, transmission, and distribution segments, as well as other businesses related to new services and products in the electricity market. In total, it has a net consolidated capacity of 8.1 GW throughout the country as of June 30, 2022 and is the main operator of renewable energy in the Chilean market. Through its subsidiary, Enel Distribución, it distributes energy to more than 2.0 million customers in 33 districts of the Metropolitan Region.