Enel Chile Completes the Sale of its Electricity Transmission Business

Published on Friday, 9 December 2022

Santiago, December 9, 2022. Enel Chile completed the sale of its 99.09% stake in Enel Transmisión Chille to Grupo Saesa. The transaction occurred through a public tender offer for shares and control launched between November 7 and December 6, following the approval of the National Economic Prosecutor's Office (FNE) and fulfilling the usual conditions for this type of transaction.

The sale was closed for a consideration of USD 1,399 million. The transaction will positively impact Enel Chile's consolidated net income of approximately USD 760 million in 2022.

The transmission business sale is part of the company's asset rotation strategy looking to prioritize its financial sustainability to continue executing the decarbonization and electrification agenda.

Enel Transmisión Chile ran 683 kilometers of transmission lines, of which 183 kilometers correspond to the National Transmission System, 499 kilometers to the Zonal Transmission System D, 0.1 kilometers to the Zonal Transmission System C, and 0.2 kilometers to a dedicated transmission line. Additionally, it ran 57 substations and managed assets installed in 3 third-party substations.

Grupo Saesa is the second-largest electricity distributor in Chile on 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. It also owns 275 MW of wind, hydroelectric, and diesel generation. Grupo Saesa is controlled by the Canadian pension funds Ontario Teachers' Pension Plan (OTPP) and Alberta Investment Management Corporation (AIMCo), each with a 50% stake.

Enel Chile is the largest electricity company by installed capacity, which, after the closure of Bocamina unit II, amounts to around 8.0 GW, including more than 6.0 GW of renewable energy, i.e., about 3.5 GW of hydro, more than 1.8 GW of solar, 642 MW of wind and 69 MW of geothermal. The Group also operates in the distribution sector through Enel Distribución Chile, which serves more than 2 million end users, and in the advanced energy solutions business through Enel X Chile.