Enel SpA (ENEL.MI) hopes to raise EUR4 billion from the sale of a minority stake in its renewables company as part of its efforts to reduce its debts, said Chief Executive Fulvio Conti Friday.

Conti made the comments to reporters on the sidelines of the France-Italy summit in Paris . An Enel spokeswoman confirmed his comment.

The Italian utility has pledged to slash its net debt to EUR45 billion by the end of the year from last December's EUR51 billion. A large chunk of the reduction will come from the sale of the Enel Green Power SpA stake.

Conti didn't specify Friday how much of a stake to be sold he was referring to with the EUR4 billion figure. In recent weeks he has said he estimates a sale of a 30% stake.

Last month, the utility said it plans to file for an Enel Green Power initial public offering by the end of April. Enel is also looking at selling a stake of the renewables company directly to an investor.

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