European power company Enel SpA (ENEL.MI) is preparing for an initial public offering (IPO) for its renewable power subsidiary Enel Green Power, according to reports.
The IPO is expected to be one of the largest in Europe in recent years, and the company plans to sell a minority stake on Italian and Spanish markets to help with a broader debt-reduction strategy.
Enel Green Power currently owns 5.7 gigawatts (GW) of renewable generation capacity in wind, solar, geothermal, biomass and hydroelectric power. BusinessWeek reports that figure is expected to rise to 9.4 gigawatts by 2014, and that the unit is expected to post earnings of 1.4 billion in 2011.
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