Enel to sell stake in its grid services unit to CVC – sources

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MILAN — Italy’s biggest utility Enel is in advanced talks to sell a stake in its grid services unit to private equity firm CVC, two sources with knowledge of the matter said on Friday.

Under the agreement, which could be signed in the next few days, CVC would buy a stake of 50% in Enel’s Gridspertise unit, one of the sources told Reuters.

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Enel declined to comment on the issue. CVC was not immediately available for comment.

The sale is part of Enel’s broader strategy dubbed ‘stewardship business model’ under which the Italian group aims to attract investments from partners to jointly develop some of its businesses in the areas of renewable energy, electrification or services.

Gridspertise, which was set up last year, offers digital grid services to power distributors in Italy and abroad.

The unit manages activities related to digital meters and intelligent grid services to help its customers deal with the increasing amounts of power generated from intermittent renewable energy sources.

The unit mainly targets markets in Europe and Latin America, where Enel already has extensive business, but will also look to expand in North America and Asia-Pacific. (Reporting by Francesca Landini and Elisa Anzolin, Editing by Louise Heavens)

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