Saturday, September 30 2023 Sign In   |    Register

News Quick Search



Front Page
Power News
Today's News
Yesterday's News
Week of Sep 25
Week of Sep 18
Week of Sep 11
Week of Sep 04
Week of Aug 28
By Topic
By News Partner
Gas News
News Customization


Pro Plus(+)

Add on products to your professional subscription.
  • Energy Archive News

    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    EnBW inks deal to sell minority stake in power grid business

    May 26, 2023 - SeeNews Renewables


      May 26 (Renewables Now) - German energy company EnBW Energie Baden-Wuerttemberg AG (ETR:EBK) has agreed to sell a 24.95% stake in its transmission system operator (TSO) TransnetBW to a consortium of banks and insurers, with the new investor expected to help finance planned grid development projects.

      The buyer, Suedwest Konsortium Holding GmbH, has been selected in a multi-stage bidding process, EnBW said on Friday.

      Financial details of the deal, which is still subject to antitrust clearance, have not been disclosed. According to information reported by German paper Handelsblatt, however, the price stands at about EUR 1 billion (USD 1.07bn).

      The transaction provides EnBW with additional funds for growth investments to accelerate the implementation of the energy transition and to further expand its overall portfolio, CFO Thomas Kusterer noted in the statement.

      EnBW first announced plans in 2022 to sell 49.9% of TransnetBW in two tranches, each consisting of 24.95%.

      As the bidding process for the first stake has now been completed, German state-owned lender KfW can exercise an option in the coming weeks to buy the second stake at the same terms. In any event, EnBW will remain the majority owner of TransnetBW.

      According to the statement, TransnetBW needs to invest about EUR 10 billion in grid development projects until 2035. The future shareholders will provide financing in proportion to their holding, EnBW said.

      Suedwest Konsortium Holding GmbH is led by SV SparkassenVersicherung and consists of over 30 banks, insurance companies and corporations from the federal state of Baden-Wuerttemberg where TransnetBW's operations are focused.

      (EUR 1 = USD 1.073)


    Other Articles - International


       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2023 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.