E.ON and Verbund have reached an agreement, whereby Verbund will acquire E.ON's stake in eight hydropower plants in Germany and transfer its 50% stake in EnerjiSa to E.ON. The transaction is estimated at more than €1bn.
The eight plants are located on the Inn River in Bavaria. Verbund will acquire primarily E.ON’s stakes in Österreichisch-Bayerische Wasserkraft (ÖBK), Donaukraftwerk Jochenstein (DKJ), Grenzkraftwerke as well as Nussdorf, Ering-Frauenstein, and Egglfing-Obernberg run-of-river hydroelectric stations on the Inn along with procurement rights from Zemm-Ziller Hydroelectric Group. Altogether, these stakes and power stations represent 351 MW of attributable generating capacity. Verbund and E.ON had already entered into sales agreements on hydropower plants on the Inn river in 2009 and 2011.
In turn, E.ON will acquire 50% of EnerjiSA (the other 50% are owned by Sabancı Holding, one of Turkey’s largest financial and industrial conglomerates). EnerjiSA’s current generation portfolio consists of 1.7 GW of gas-fired, hydro, and wind assets, plus 2 GW of capacity under construction and 1.5 GW under development. EnerjiSA also operates a power distribution business with about 3.5 million customers in the Başkent region.
The transaction is subject to approval, by the European Commission, by Germany and Turkey’s antitrust agencies, and by EMRA, Turkey’s energy regulator.