Rome, 9 December 2015
Ferrovie dello Stato Italiane and Terna signed today the agreement for the transfer of RFI’s high-voltage electricity grid. The transaction is part of a more comprehensive reorganization of the Country’s strategic assets.
The acquisition of the RFI network gives Terna the full availability of the high-voltage grid in order to optimize its utilization in anticipation of a higher uptake of renewable energy sources that require a widespread coverage of the high-voltage network.
The assets involved in the transaction are approximately 8,400 km of power lines (including almost 900 km already part of the National Transmission Network) along with the related rights and relationships.
The whole transaction is worth Euro 757 million. The value of the high-voltage grid has been determined by the Italian Regulatory Authority for Electricity, Gas and Water.
The proceeds will be partly used to fund rail infrastructure investments, as provided in the 2015 Stability Law. For the deal closing FS was advised by Gianni, Origoni, Grippo & partners and BNP Paribas.
“I thank the previous Board of Directors for the valuable work done in view of the signing of this important transaction - commented Gioia Ghezzi, FS’ Chairman. The new Board of Directors is glad to begin its mandate with this agreement with Terna which allows the FS Group to focus on its core business”.
“We are proud of fulfilling such an industrial operation that we can consider systemic, as envisaged by the 2015 Stability Law - commented Renato Mazzoncini, FS’CEO. FS obtains funds for investments in rail infrastructure and for improving public transport while Terna acquires assets that extend and strengthen the national electricity grid”.