Enel Green Power - Die letzten 30 Beiträge
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EGP plans to build the farm, which will consist of 39 Siemens wind turbines each with 2.3 MW capacity, this year, the company controlled by Italy's biggest utility Enel said in a statement on Friday.
The plant, expected to become EGP's largest wind farm in Italy, will generate 185 million kW/h of power a year, enough to meet the demand of 70,000 households, and will help avoid emission of more than 130,000 tonnes of carbon dioxide (CO2).
The new wind farm will raise EGP's total installed wind capacity to more than 250 MW in Sardinia, where it currently operates three wind farms with an annual production of more than 240 million kW/h and a total installed capacity of 161 MW.
Capacity growth was a key driver of a 5.6 percent rise in EGP's core earnings in the first nine months of 2010, but the stock, listed in Milan and Madrid on Nov. 4, has been hit by dwindling interest from professional investors for green energy.
At the end of 2010, EGP had a total installed capacity of about 5,900 MW around the world. Italy accounted for more than 2,600 MW, including more than 450 MW of wind power.
EGP shares have mostly traded below the price of 1.6 euros per share set in what was Europe's biggest initial public offering since 2008 and were down 0.19 percent at 1.596 euros in Milan by 1115 GMT.
Enel Green Power Uses Dividend to Sell Largest Europe IPO in Three Years
By Elisa Martinuzzi and Alessandra Migliaccio - Oct 14, 2010 2:43 PM GMT+0200
Enel SpA Chief Executive Officer Fulvio Conti
Enel SpA Chief Executive Officer Fulvio Conti, seen here, said in an interview, “Enel Green Power is unique because the company does not depend on government subsidies.” Photographer: Alessandra Benedetti/Bloomberg
Enel Green Uses Dividend to Sell Largest Europe IPO 3 Years
Solar mirrors are seen at Enel SpA's combined cycle thermodynamic solar power plant in Priolo Gargallo, near Siracusa, Italy. Photographer: Alessandra Benedetti/Bloomberg
Enel Green Power SpA will kick off Europe’s biggest initial public offering since 2007 next week, aiming to attract investors by offering dividends that are above average for the renewable energy industry.
The company will set a price range for the IPO before taking orders for the stock on Oct. 18, according to four people with knowledge of the matter. Enel SpA, Italy’s biggest utility, plans to raise at least 3 billion euros ($4.2 billion) by selling a 30 percent stake in its alternative energy unit, Chief Executive Officer Fulvio Conti has said.
Enel Green Power, operator of wind, solar, geothermal and hydropower assets, will pay 30 percent of net income in dividends, Conti said today. Investors are sceptical after losing money on share sales by Spain’s Iberdrola Renovables SA in 2007 and Portugal’s EDP Renovaveis SA the following year.
“The higher dividend compared to peers and the low debt- to-equity ratio make it interesting,” said Alessandro Frigerio, fund manager at RMJ Sgr in Milan, who said he may buy shares. “That said, there just isn’t the enthusiasm of the past for this sector and they’ll have to overcome that.”
Spain’s Iberdrola Renovables has dropped more than 50 percent since its December 2007 debut. The company has a dividend payout ratio of 28 percent, according to Bloomberg data. EDP Renovaveis has declined 49 percent since its first day for trading in June 2008. The Lisbon-based company pays no dividend.
Iberdrola Renovables, France’s EDF Energies Nouvelles SA and EDP Renovaveis trade at an average multiple of enterprise value to Ebitda of 10.1 times, Bloomberg data show. Based on a similar multiple Enel Green Power would be worth about 9.4 billion euros, Bloomberg calculations show. The company’s debt will be about 3.5 billion euros, according to analysts at Intesa Sanpaolo SpA, one of the banks managing the IPO.
“A higher dividend yield will make it more attractive than peers,” said Edward Guinness, who manages two alternative energy funds for $50 million at Guinness Asset Management Ltd. in London. “Investors are a bit worried about the fragile Italian economy which may push returns lower. I would expect the valuation to be in line with peers.”
Unlike Iberdrola Renovables and other competitors that rely on wind power, Enel Green Power has 44 percent of its power capacity at hydroelectric plants scattered from Bolzano in Italy’s Alps to Potenza in the country’s south. About 41 percent of its capacity comes from wind and 13 percent from geothermal.
The business mix makes the company less dependent on state subsidies that have helped fund wind and solar panels, investors said. Italy’s government reduced payments for solar power projects this year. Spain may follow suit.
“Enel Green Power is unique because the company does not depend on government subsidies,” Conti said in an interview last month. “More than 70 percent of our revenues are not subject to subsidies or tariffs or green certificates.”
A 3 billion euro share sale would make it Europe’s biggest initial public offering since Iberdrola Renovables’s 4.5 billion-euro fundraising in 2007, according to data compiled by Bloomberg.
Analysts at Intesa Sanpaolo’s Banca IMI predict that Enel Green Power will post earnings before interest, tax, depreciation and amortization, or Ebitda, of 1.3 billion euros this year, up about 8 percent from last year.
The company’s debt should rise to no more than 4.3 billion euros in 2012 and installed capacity should rise by 9 percent annually, Intesa said. They estimate installed capacity to rise from 5,900 megawatts this year to 8,900 megawatts in 2014.
“EGP is an attractive investment, with an interesting pipeline of business,” said Colm O’Connor, a Dublin-based fund manager who helps run the $560 million KBI Institutional Alternative Energy Fund and will consider buying stock. “Its ability to finance expansion through cashflow is an argument for it to trade at a similar price to others.”
Bank of America Corp., Intesa Sanpaolo’s Banca IMI SpA, Barclays Plc, Credit Suisse Group AG, Goldman Sachs Group Inc., JPMorgan Chase & Co., Mediobanca SpA, Morgan Stanley, UniCredit SpA and Banco Bilbao Vizcaya Argentaria SA are managing the IPO.
MILAN, Nov 4 (Reuters) - Italian power giant Enel completed the sale of almost a third of its renewable energy arm Enel Green Power, raising at least 2.23 billion euros ($3.13 billion) net of banking fees in what is Europe's biggest initial public offering in three years.
Following are some financial details of the IPO:
* INITIAL PRICE RANGE: 1.8 to 2.1 euros
* FINAL PRICE: 1.6 euros per share
* SHARES OFFERED: 1.415 billion shares, equivalent to a free float of 28.3 percent
* GREENSHOE: the IPO included a greenshoe option for professional investors of 15 percent of the offer, or 210 million shares, bringing the total stake on sale to 32.5 percent
* CAPITALISATION: market cap is 8 billion euros
* INITIAL RETAIL OFFER: Enel said in the prospectus it would offer at least 212.25 million shares to retail investors, or 15 percent of the global offer
* FINAL ALLOCATION: Italian retail 1.219 billion shares, Spanish retail 44.6 million shares, institutional investors 361.6 million shares.
* BONUS SHARE: one free share for every 20 shares kept by retail investors for at least 12 months
* TIMETABLE: The bookbuilding started on Oct. 18 and ended on Oct. 28, ahead of the market debut on Nov. 4.
* DUAL LISTING: stock trades in Milan and Madrid
* DIVIDEND: payout seen at 30 percent, in line with peers
* BANKING SYNDICATE: Mediobanca, Credit Suisse , Banca Imi, Goldman Sachs, JP Morgan , Bank of America-Merrill Lynch, Morgan Stanley , Barclays, BBVA and UniCredit . (Compiled by Antonella Ciancio, Lisa Jucca and Stephen Jewkes; Editing by Michael Shields) ($1=.7126 Euro) Keywords: ENEL/IPO
Rome, 19th December 2010 – As an aid to the financial community, Enel Green Power S.p.A. (“EGP”) announces its financial calendar for 2011, indicating when the Company’s and/or Group’s accounts will be examined by the Board of Directors:
1th February 2011: preliminary consolidated data for the year ended 31st December 2010.
24th March 2011: consolidated financial statements of the EGP Group, proposed statutory financial statements of EGP S.p.A. for the year ended 31st December 2010 and proposed allocation of net income.
11th May 2011: interim financial report at 31st March 2011.
2nd August 2011: half-year financial report at 30th June 2011.
8th November 2011: interim financial report at 30th September 2011.
In conjunction with the publication of the annual results for the year ended 31st December 2010, and on the occasion of the publication of the results of the half-year financial report and interim financial reports for 2011 the Company’s and Group’s accounts will be presented to financial analysts and institutional investors.
In conjunction with the publication of the annual results for the year ended 31st December 2010, corporate strategies will be presented to financial analysts and institutional investors.
A General Meeting of Shareholders to pass resolutions regarding approval of the statutory financial statements of EGP S.p.A. for the year ended 31st December 2010, and on the allocation of net income, is scheduled for 9th and 10th May 2011, on first and second call, respectively.
Payment of dividend for 2010 is scheduled on 26th May 2011, with the ex-dividend date falling on 23rd May 2011.
The market will be in due time notified of any changes to the above arrangements.