Alpiq has concluded the sale of its 24.6% stake in Repower (former Rätia Energie AG) to the other two principal shareholders, the canton of Grisons and Axpo. The relevant competition authorities in Switzerland and abroad have approved the move, which gives Axpo and Canton of Graubünden interests in Repower of 33.7% and 58.3% respectively.
The transaction had been announced in December 2012 and is part of the divestments that Alpiq is carrying out within the context of the ongoing restructuring programme aiming at reducing the net debt by approximately CHF1.2-1.6bn (€990-1,320m).
Repower is an energy utility active in power distribution in southeastern Switzerland (about 86,000 customers) and in power sales in Germany, Romania and Italy. In 2011, the company generated 2.2 TWh of electricity and sold 18.9 TWh. The group has its own generation assets in Switzerland (hydropower), Italy (combined-cycle gas power plant and wind power) and Germany (wind power).