UPDATE 1-Enel Green Power sets sights on Asia after Marubeni deal

  • Reuters
  • Stock Market News
UPDATE 1-Enel Green Power sets sights on Asia after Marubeni deal
Credit: © Reuters.

* Signs 2-year MoU with Marubeni in Asia-Pacific area

* EGP slowly shifting focus to emerging markets

* Renewables is a priority for parent Enel (Recasts lead, adds management comment, details)

MILAN, April 1 (Reuters) - Enel Green Power EGPW.MI set its sights on Asia to help fuel growth after it signed a deal with Japan's Marubeni Corporation 8002.T to work together on business development in the area.

Italy's biggest renewable company said on Wednesday it had signed a two-year agreement with Marubeni to assess green business opportunities in the Asia and Pacific region.

Enel Green Power (EGP), majority owned by state-controlled utility Enel ENEI.MI , has been gradually shifting its focus away from its core European markets to countries with abundant resources, good growth prospects and reliable regulation.

On Tuesday it agreed to sell a 49 percent stake in U.S. renewable assets for around $440 million to fund growth. ID:nL6N0WX5LT

The deal with Marubeni involves potential geothermal, wind, solar and hydro opportunities in areas such as the Philippines, Thailand, India, Indonesia, Vietnam, Malaysia and Australia, EGP said.

"The Asia-Pacific region is a promising geography for Enel Green Power where we do not have an operational presence yet," EGP CEO Francesco Venturini said.

EGP, which has an installed capacity of around 9,600 megawatts worldwide, operates around 740 plants in 15 countries.

Parent company Enel said recently that boosting capacity at its green power division is one of the group priorities over the next five years. ID:nL6N0WL0VQ

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