Italian energy In the today announced the sale of its electricity transmission subsidiary in Chile “Enel Transmission Chile”for a value of 1,345 million dollars (about 1,323 million euros), according to a press release from the group.

Enel will sell this way all of the shares it holds in its electricity transmission subsidiary, i.e. 99.09% of the total, which will pass to the Sociedad Transmisora ​​​​​​Metropolitana, from the Saesa Group (Sociedad Austral de Electricidad Sociedad Anónima).

The operation, still subject to the approval of the authorities (National Economic Prosecutor)is “in line” with the Italian group’s current strategic plan to “contribute to the objective of constant improvement and optimization of the risk/reward profile” of its assets.

Enel Transmission Chile SA operates and owns 683 kilometers of transmission lines. Additionally, it operates 57 of its own substations and owns and operates assets that are installed in 3 third-party owned substations.

Through its subsidiary Enel Distribución, it distributes energy to more than two million customers in 33 districts of the metropolitan area.

Meanwhile, the Saesa group It is the second largest electricity distributor in Chile in terms of geographical coverage. It supplies electricity to approximately 950,000 customers and operates 63,476 km of distribution lines, 2,280 km of transmission lines and 75 substations. In addition, it has 275 MW of wind, hydroelectric and diesel generation.

The controllers of Grupo Saesa are the Canadian pension funds Ontario Teachers’ Pension Plan (OTPP) and Alberta Investment Management Corporation (AIMCo), with a 50% stake each.