The Belgian transmission system operator (TSO) Elia System Operator SA/NV has exercised its pre-emption right on the remaining 20% stake in Eurogrid International, the holding company of German TSO 50Hertz Transmission GmbH, one of four electricity TSOs in Germany.
Elia was notified in May 2018 by current shareholder IFM Global Infrastructure Fund, an Australian investment management company, of an agreement with a third party for the acquisition of IFM's remaining 20% stake in Eurogrid. This third party, undisclosed by Elia, is State Grid Corporation of China (SGCC).
SGCC attempted to purchase a 20% stake in Eurogrid from IFM earlier this year, but the transaction was similarly blocked by Elia, who completed the acquisition in April 2018.
After Elia has acquired this additional 20% stake, it will be sold to the German state-owned bank Kreditanstalt für Wiederaufbau (KfW) at the same financial conditions. Following completion, Elia will own 80% of Eurogrid and KfW will own the remaining 20%, making IFM no longer a shareholder.
The closing of all transactions is expected to be finalised in the third quarter of 2018. Citi acted as the financial advisor to Elia.
PNE AG has increased its stake in the subsidiary WKN AG, based in Husum, from 89.1% to 100% as part of the implementation of the "scale up" strategy. As a first step, PNE acquired a majorit...
Read moreVan Oord has announced that it has been contracted to manufacture and install Mono Bucket foundations for two of the 33 wind turbines that will comprise the Deutsche Bucht wind far...
Read moreWPD Windmanager, and affiliate of Wpd, has won a contract to deliver commercial and technical operations services for the 35 MW Lettweiler Hohe wind project of Czech utility CEZ. T...
Read moreAviva Investor has taken part in the financing of the 396 MW Merkur offshore wind farm in Germany, in the North Sea, 45 km north of the Borkum Islands. Aviva is joining a group of...
Read more