Enel Chile has completed the sale of the company’s transmission business to Chilean transmission company Grupo Saesa.
Grupo Saesa acquired 99.09% of the shares in the company for a total of $1.4 billion after coming to an agreement in July.
Enel Transmisión Chile operates 683km of transmission lines and 57 substations, adding to the 2,280km of transmission lines that Grupo Saesa already operates across the country.
With this acquisition, the group, backed by Canadian pension funds Ontario Teachers’ Pension Plan and Alberta Investment Management Corporation, becomes the third largest transmission company in Chile.
Grupo Saesa was advised by BofA Securities on the transaction.
With the sale of its transmission business, Enel is looking to focus on the decarbonization of its portfolio in Chile. The energy company operates around 8GW in assets, including more than 6GW of renewable energy. Last month, Enel started construction on a 106MW wind farm in the region of Araucania (PFR, 11/30).