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German utility, E.On, is looking to offload its most valuable Italian power asset – the 531 MW Terni hydropower plant.
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The company is hoping to secure a buyer for the plant valued at $1.13 billion, within the first half of 2015. Renewable energy group Erg is seen as the front-runner to buy it, according to a Reuters report.
E.On has been selling off assets to reduce its debt. In January, it sold its portfolio of Italian gas- and coal-fired plants to Czech energy EPH, while in November it sold its Spanish business to Australian infrastructure investor Macquarie.
E.On, which has embarked on a major restructuring after announcing it would split in two in 2016 to focus on renewables and power grids, is currently trying to offload the remaining parts of its Italian unit in a bid to raise much-needed cash.
The company is also looking to sell 374 MW worth of Italian wind and solar capacity.