Edipower's plug

2 July 2003

The Italian power group s Edipower subsidiary needs another E1bn of fresh money. Edison recently completed its own fraught recapitalisation. Now it has to cough up E400m, and take on some of Edipower s risks too.

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Edipower, a power generating company controlled by Italian group Edison, is reportedly preparing a capital increase. This would be about E1bn, according to a person familiar with the situation. The group – which last year bought E3.7bn of electricity assets off Enel – is also seeking to refinance an 18month bridge loan which comes due in September. Edipower's industrial shareholders are in the process of setting up a tolling agreement.

Edison owns 40% of Edipower. Other shareholders include Milan and Turin's municipal utilities and Swiss utility Atel – which hold stakes slightly above 13%. Three banks, including Unicredito, Royal Bank of Scotland and Interbanca together hold a 20% stake.

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