Romanian electricity distributor E-Distributie Banat, a subsidiary of Enel Romania, announced that it has invested around 4.8 million euros in the construction of a new primary substation in Timisoara in western Romania.
E-Distributie Banat also said that it will invest additional 5 million euros in the construction of medium and high voltage networks connecting to the substation.
Last month, Italian energy company Enel has signed an agreement with Greek Public Power Corporation (PPC) for the sale of all the equity stakes held by the Enel Group in Romania for 1.26 billion euros. The overall transaction is expected to generate a total positive effect on the group’s consolidated net debt of approximately 1.7 billion euros, of which almost 100 million euros in 2022 and the remaining amount in 2023, alongside a cumulative negative impact for 2022-2023 on reported Group net income amounting to approximately 1.4 billion euros.
The closing of the sale, which is expected by the third quarter of 2023, is subject to certain conditions precedent customary for this kind of transactions, including the clearance from competent authorities.