Divestment of Energi E2 Renovables

Østed Energi E2 Renovables
Aug 2007
Deal Value:
EUR 722 million
Private auction

E.ON AG , the listed German power and gas company, has agreed to acquire Energi E2 Renovables Ibericas (E2-I), the Spanish operator of wind farms, from Ørsted, the Danish energy company, for a total consideration of EUR 722 million including net debt of EUR 256 million.E2-I generates electricity in Span and Portugal from renewables with a capacity of 260MW. As a result of the acquisition, E.ON is increasing its installed wind power capacity to approx. 700MW; with planned development projects expected to offer potential to further expand wind power in southern Europe.
The acquisition will give E.ON a total generation capacity of over 7GW in Spain by 2010, in combination with the Viesgo and Endesa assets that the company has agreed to acquire from ENEL and Acciona.
E.ON plans to invest EUR 3 billion by 2010 in renewable energy and this transaction marks an initiation of this plan. By 2030, E.ON aims to halve its specific carbon dioxide emissions from power generation against 1990, with the company being committed to playing a leading international role in climate protection in the future, supporting the EU target of generating at least 20% of primary energy from renewables by 2020.