Poland’s biggest power utility PGE and Energa Hydro, a subsidiary of the fourth-biggest power utility Energa, have signed an agreement with Iberdrola Renovables Energía, S.A.U. on acquisition of 75% of shares in Iberdrola Renewables Polska, a company managing wind farms portfolio in Poland, according to both utilities firms’ releases. PGE and Energa intend to acquire additional 25% of shares in Iberdrola Renewables Polska that are currently owned by European Bank for Reconstruction and Development (EBRD). On the ground of the agreement PGE will acquire operating wind farms with installed capacity of 70.5 MW, with contracted off-take of electricity and certificates and pipeline of projects with planned capacity of 36 MW at an advanced stage of development.
Energa Hydro Sp. z o.o. will acquire wind farms with installed capacity of 114 MW and pipeline of wind projects with planned capacity of around 1,146 MW. The transaction value of the purchase of 75% of shares in Iberdrola Renewables Polska amounts to around PLN 840mn (EUR 202mn), what translates into the transaction value of approximately PLN 1.1bn for a 100% stake. The firms assume that the transaction will be finalised within the next few months of 2013. Transaction is subject to approval for concentration from anti-monopoly office UOKiK. Earlier this month, the two firms signed an agreement to buy the wind farm portfolio from Danish DONG Energy Wind Power.
La empresa controlada por la familia Entrecanales acusó al Gobierno de alejarse “radicalmente de los principios fundamentales sobre los que se desarrolló el sector energético español y se mostró preocupada por las modificaciones que están por llegar al tiempo que anunció acciones legales “para defender los intereses de los accionistas.
The President of Fersa explains that “the company has made a realistic analysis when dealing with the current market situation. Fersa’s management team has laid the foundations to achieve the target of providing value to its shareholders”.
Mexico’s House of Representatives called for the Sureste tender to be suspended in October in the face of “intensifying conflict” between foreign companies and local communities. The parliamentary motion said “hundreds of blockades and protests against wind farms” have led to “serious consequences, including one death and several injuries”.
Fersa changed part of its management team last year, appointing Mr. Francesc Homs as its new President and Mr. Enrique Fdez-Cardellach as the company’s new Chief Executive Officer. The work of Fersa’s governance team is aimed at reducing the corporate debt, selecting the portfolio to be developed, selecting the assets to be realised, cutting the company’s management costs, optimising the installed capacities and laying the foundations for the growth plan, as the President notified to the shareholders at the Ordinary General Shareholders’ Meeting held last June.