Mytilineos finalizes Endesa deal

Listed energy and metals company Mytilineos SA has taken full control of Endesa Hellas, which had been a joint venture along with Spanish energy giant Endesa SA. Mytilineos agreed yesterday to acquire Endesa’s controlling stake (50.01 percent) in the Greek firm. The move makes Mytilineos the biggest independent electrical energy producer in Greece, with 1.2 gigawatts from thermal units to be operational by next year and over 800 megawatts from renewable energy sources either in operation or at various stages of development. The company’s aim is to challenge the Public Power Corporation’s monopoly on electricity production. Yesterday’s announcement by Mytilineos suggested that the price for the stake acquired was 140 million euros, which is to be paid in installments by July 1, 2012. The deal provides for Endesa SA to buy out a wind park and three hydroelectric units with a total capacity of 14 MW that belong to the portfolio of Endesa Hellas, at the price of 20 million euros.

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