The deal covered 4,500 megawatts of generation capacity and included a coal-fired power plant in Sardinia and six gas-fired power plants on the Italian mainland and in Sicily, Eon said in a statement.
The deal, which has to be approved by the European competition authorities and is expected to be completed in the second quarter, is part of Eon's massive strategic rethink to spin off its conventional energy operations and focus on renewables.
"With EPH, Eon has found a buyer for all its thermal generation activities in Italy who is fully committed to the further development and long-term future of the assets thereby helping to ensure security of supply for the country," the group explained.
"Our conventional generation activities in Italy are high performing assets with a climate-friendly and diversified generation fleet," said chief executive Johannes Teyssen.
"We continue to assess a possible divestment of our other businesses in Italy as well," he added.