Enel SpA (ENEL.MI) hopes to sell by the end of 2009 a minority stake in a company that will consist of its renewable energy assets because it believes the markets are undervaluing them, said Chief Executive Fulvio Conti Tuesday.
Enel's CEO told reporters at a conference in Marghera, near Venice, that the utility will set up the company this year and hopes to sell a stake by end of 2009.
Conti added the eventual stake sold would be a minority one, but didn't give specifics. This new company is expected to have assets with a generating capacity of 7,200 megawatts in 2012.
"The aim is to give visibility to these assets as we believe the markets undervalue them," said Conti adding that Enel believes these renewable assets are worth "a lot."