ENDESA sells its share in Lydec for 26 million euro

The Spanish group "ENDESA" has sold its 18% stake in Lydec water company for 26 million euro to the Moroccan insurance company "Al Watanya Assurances," it was announced here Tuesday.

Lydec has been in charge of supplying water, sewage and drainage services and electricity in the urban zone of Casablanca and Mohammedia since August 1997.

ENDESA said in a release the sale of its share in Lydec will generate net capital gains of 12 million euro.

The operation is part of ENDESA's ongoing divestment in non-strategic assets, it pointed out.

The Spanish company noted nonetheless that it is highly interested in Morocco's energy market.

At present it has a 32% share in the 400 MW combined cycle plant at Tahaddart (northern Morocco) where construction work is now concluding, and in which the Moroccan company Office National d'Electricite (ONE) is also a participant.