55. Events after the reporting period

Enel closes Unit I of Bocamina coal-fired plant three years ahead of date set in Chile’s National Decarbonization Plan

On January 4, 2021 the Enel Group disconnected and ceased operations at Unit I of the Bocamina coal-fired power plant, which is located in the Chilean municipality of Coronel. The 128 MW Unit I was disconnected three years before the date set in Chile’s National Decarbonization Plan. With this milestone, coupled with the closure of Tarapacá coal plant on December 31, 2019 and the expected closure of Enel’s last coal facility in the country, Bocamina’s Unit II, by May 2022, steadily progress is being made towards the decarbonization of Enel’s Chilean generation mix.

Moody’s upgrades Enel’s long-term rating to “Baa1”

On January 15, 2021, Moody’s Investors Service (Moody’s) announced that it had upgraded its long-term rating of Enel SpA to “Baa1” from the previous level of “Baa2”. Among the rating drivers prompting the upgrade, Moody’s cited:

  • low earnings volatility driven by large scale and geographical diversification;
  • stable earnings stemming from regulated networks and contracted generation, which account for 80% of the Group’s EBITDA;
  • solid financial profile, with funds from operations/net debt in excess of 20%.

Enel’s Board of Directors approves the issue of hybrid bonds up to a maximum of €3 billion

On February 25, 2021, the Board of Directors of Enel SpA authorized the issue, by December 31, 2021, of one or more non-convertible subordinated hybrid bonds, including perpetual bonds, for up to a maximum of €3 billion. The bonds are to be placed exclusively with European and non-European institutional investors, including through private placements.

Enel issues new hybrid bonds for an aggregate principal amount of €2.25 billion

In execution of the February 25, 2021 resolution, on March 4, 2021 Enel announced the issue of a new perpetual hybrid bond of €2.25 billion. The new issue strengthens and optimizes the Groups capital structure with an incremental hybrid bond component, thus contributing to support the Groups growth set out in the 2021-2023 Strategic Plan, which envisages direct investments of around €40 billion over the period.

Enel signs the largest ever sustainability-linked revolving credit facility

On March 5, 2021, Enel and its Dutch subsidiary Enel Finance International NV (EFI) signed the largest ever sustainability-linked revolving credit facility in the amount of €10 billion, with a term of five years.
The facility, which will be used to meet the Group’
s financial requirements, is linked to a key performance indicator consisting of direct greenhouse gas emissions (i.e., Group Scope 1 CO2 equivalent emissions from the production of electricity and heat), contributing to the achievement of the United Nations Sustainable Development Goal (SDG) 13 Climate Action and in line with the Groups Sustainability-Linked Financing Framework, for which Vigeo Eiris provided a second-party opinion.
The facility replaces the previous €10 billion revolving credit line signed by Enel and EFI in December 2017 and has a lower all-in cost than the earlier facility.

Voluntary partial public tender offer for the shares and American Depositary Shares of Enel Américas SA

As part of the process of corporate reorganization aimed at integrating the non-conventional renewable energy business of the Enel Group in Central and South America (excluding Chile) into the listed Chilean subsidiary Enel Américas SA, on March 15, 2021, Enel SpA, as previously announced to investors, launched a voluntary partial public tender offer for Enel Américas common stock and American Depositary Shares (ADSs) up to a maximum overall amount of 7,608,631,104 shares (including the shares represented by ADSs), equal to 10% of the company’s outstanding share capital at that date.
The tender was organized as a voluntary public tender offer in the United States and a voluntary public tender offer in Chile
The Offer period ran from
March 15 to April 13, 2021.
The Offer was
conditional upon the effectiveness of the merger of EGP Américas SpA into Enel Américas SA, which occurred on April 1, 2021.
The total maximum outlay of approximately 1,065.2 billion Chilean pesos (equal to about €1.2 billion, calculated at the exchange rate prevailing on March 12, 2021 of 853.44 Chilean pesos per euro
) was funded through internally generated cash flows and existing borrowing capacity.
Following the completion of the voluntary partial public tender offer
and the completion of the merger of EGP Américas, Enel owns about 82.3% of the share capital of Enel Américas currently in circulation.