UPDATE 1-Axpo looks to sell three power plants in Italy - sources

(Adds asset valuation, background)

LONDON/MILAN, April 20 (Reuters) - Swiss energy company Axpo Group is looking to sell its holdings in three gas power plants in Italy, two sources said on Wednesday.

The company owns all of Rizziconi Energia plant in southern Italy, has 85 percent of Calenia Energia near Naples and 49 percent of SEF in Ferrara in northern Italy, which is majority-owned by oil company Eni, according to its website.

The two sources said Axpo was looking to sell out of all three assets and the deadline for non-binding bids was May 10.

One of the sources said the assets were worth 200-350 million euros while the second source said their value was around 300 million euros ($339.18 million).

Axpo declined to comment.

Axpo has been hit by low wholesale power prices and in December said it was reviewing all its assets -- conventional power plants, stakes in foreign producers and rights to power delivered by third party utilities -- to see which might be sold. ($1 = 0.8845 euros) (Reporting by Sarah McFarlane and Stephen Jewkes, additional reporting by John Miller. Editing by Jane Merriman)