Italian energy group Enel said on Thursday it will raise up to eight billion euros (10.1 billion dollars) in fresh capital this year to reduce debt taken on to fund its acquisition of Spanish Endesa.
It also reported a 35.2-percent rise in net profit last year.
The company said in a statement that it planned to cut capital spending by 12 billion euros to 33 billion euros in the period 2009-13 and raise 10 billion euros via asset sales.
This would allow it to cut debt from 45 billion euros in 2010 to 41 billion euros in 2013, bolstering its credit agency ratings.
Debt at end-2008 stood at just under 50 billion euros.
Enel, with 67 percent of Endesa, last month bought another 25 percent of the company held by Spanish construction group Acciona for 11.1 billion euros.
For 2008, Enel said net profit jumped 35.2 percent to 5.29 billion euros on sales up 40 percent at 61.18 billion euros, reflecting a strong Endesa contribution.
Enel said it expected further profit gains in 2009 despite the global economic crisis.
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