Italian energy giant Enel pulls out of Russia

The Italian energy giant Enel is selling its stake in Enel Russia and leaving the Russian market.

It is reported by RBC-Ukraine with reference to Enel's announcement on the website of the Italian Stock Exchange.

Enel reportedly entered into two separate agreements totaling $135 million. For this amount, 56.43% in PJSC Enel Russia will be sold to Lukoil and the Gazprombank-Freesia fund.

The closing of the deal is expected in the third quarter and depends on a number of conditions, in particular, the decision of the Russian Commission on Foreign Investments and the Federal Antimonopoly Service of Russia. Prior to this, CEO Francesco Starace announced that Enel was close to selling its Russian assets.

It should be noted that Enel Russia includes three gas power plants - Konakovskaya GRES, Nevinnomysskaya GRES and Sredneuralskaya GRES, as well as a wind farm in the Rostov Region. Another wind farm in the Murmansk region will be completed in October.