Encavis has sold 49 percent of its wind farm portfolio in Austria to the largest regional Austrian utility, WIEN ENERGIE.
The three wind farms “Pongratzer Kogel” and “Herrenstein” in Styria and “Zagersdorf” in Burgenland represent a generation capacity of 36.2 MW in total.
“The renewed sale of minority interests in a wind farm portfolio remains our guiding principle for strengthening our internal financing power as well as further diversifying our portfolio.”Dierk Paskert, CEO of Encavis AG.
Encavis Group’s strategic decision to sell minority stakes of up to 49 percent in selected wind farms to institutional investors or utilities frees up existing cash reserves for investment in further projects, confirms the accounting values of the assets in the existing portfolio (IFRS) and results in book profits in the national financial statements (German GAAP).
“We are pleased that with this transaction, which was concluded in the face of competition from a very large number of different bidders, we can once again provide evidence of the value of our existing portfolio. Our selective acquisitions and the technical and commercial optimization of our parks create significant value – as this example repeatedly demonstrates. This proof of value, which is already included in our forecast key figures for this year, once again confirms the achievement of our Guidance 2020.”Christoph Husmann, CFO of Encavis AG.
Through the partial acquisition of the three wind farms, Wien Energie is reducing the CO2 emissions of its own energy generation by around 14,500 tons per year.
“The extension of our wind power portfolio is an important cornerstone to achieve our climate goals besides the expansion of the photovoltaic. We are now enabled to produce additional 37 gigawatt hours of renewable energy to serve corresponding 14,800 households CO2-free in Vienna with this participation.”Michael Streibl, chairman of the management board of Wien Energie GmbH.