The transaction, worth €225 million, is part of the company's non-strategic asset disposal program and will finance Edison's investment plan to achieve market leadership in renewable energies and expand its retail customer base.
Milan, 25 July 2017 – Edison announces the sale to Snam S.p.A. for a total of €225 million of Infrastrutture Trasporto Gas (ITG), owner of the Cavarzere Minerbio gas pipeline, and of its 7.3% equity investment in Terminale GNL Adriatico (Adriatic LNG), the company that owns the regasification terminal in Rovigo,. The company intends to invest the resources from the disposal of these non-strategic assets in Italy in the short term, to support Edison's strategic development plan envisaging strengthening of renewable energy sources. The ultimate goal is reach 40 percent of the production mix from green sources by 2030, and to expand its customer base.
In particular, ITG is the company that built and operates the 83km Cavarzere Minerbio gas pipeline, connecting the Adriatic LNG’s regasification terminal to the Snam Rete Gas national transport network. The pipeline has a transport capacity of 9.6 billion cubic metres per year, and since 2009 it has allowed the transport of approximately 10 percent of the gas imported in Italy. The staff involved (27 people) will be entirely integrated within Snam's workforce.
Adriatic LNG operates a regasification terminal with a capacity of 8 billion cubic metres located off the coast of Rovigo. Edison sells to Snam S.p.A. its remaining equity investment equal to 7.3 percent of the company's share capital, while maintaining the use of 80 percent of the terminal's capacity. Edison has a long-term contract with RasGas for the supply of 6.4 billion m3 of natural gas per year to be regasified by the Rovigo terminal.
Should Adriatic LNG sign new contracts for the use of the terminal's capacity, Edison will have an additional earn-out, calculated taking into account the regasification fee of the new contract.
The deal with Snam S.p.A. is expected to be closed by the end of this year, subject to the approvals required for this type of transaction and, with regard to the Adriatic LNG equity investment, it is conditional upon non-exercise of the right of pre-emption by the other shareholders.
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Public disclosure requirements under CONSOB Resolution no. 11971 of 14 May 1999, as amended.
