Mytilineos to buy Endesa's Greek assets

* Endesa to sell 50.01 pct stake in Endesa Hellas

* Mytilineos to buy stake for 140 mln euros

* Mytilineos to pay the full amount by end 2012

ATHENS/MADRID, March 17 (Reuters) - Greek metals and energy group Mytilineos  said on Wednesday it reached an agreement to buy the Greek assets of Spanish utility Endesa  for 140 million euros ($193 million).

Mytilineos and Endesa each own about half of Endesa Hellas, a joint venture seeking to become Greece's largest private electricity company and compete with state-controlled utility Public Power Corp .

Endesa said last year it considered selling its majority stake in the joint venture to help pay down debt after it was bought by Italy's Enel SpA .

The Spanish utility has contributed 205 million euros in cash into Endesa Hellas, far less than the 600 million euros initially envisaged when the joint venture was created in 2008.

Endesa Hellas's hard assets include a a 444 megawatt power plant under construction, 27 MW of renewable units and several licences for power trading and wind farms.

Mytilineos will pay the full transaction amount in instalments by July 1, 2012. Endesa will pay Mytilineos a total 20 million euros to retain some Greek renewable energy units with a total capacity of 14 MW.

Mytilineos said on Thursday it sticks to a target to expand its Greek energy portfolio by the end of 2011 to 2 gigawatts, up from currently about 400 MW.

(Reporting by Harry Papachristou in Athens and Clara Vilar in Madrid; Editing by Hans Peters)

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