E.ON buys Energi E2 Renovables Ibericas, operator of two wind farms in Spain and Portugal, from Denmark’s Dong Energy for €722 million in order to expand its wind power business.
The purchase price includes €256 million for the assumption of existing net debt. Dong Energy's two wind farms have a total generating capacity of about 260 megawatt. E.ON AG said Energi E2 Renovables Ibericasis planning to build further wind farms with net capacity of 560 megawattin Portugal and Spain.
These additional wind farms are planned for completion in the next four years. It added that the acquisition brings E.ON’s total generation capacity in Spain to 7 gigawatt, including the Viesgo and Endesa SA assets the German utility agreed to acquire from ENEL and Acciona SA.
The wind farms are of outstanding quality with superb load factors and favorable regulatory regimes, and the projects being developed are also very promising. By acquiring E2-I, we are making a decisive step towards occupying a leading position in Europe in the wind power sector, too.” E.ON will considerably expand its renewable energy activities in the years ahead. Specifically for this purpose it will pool all of the company’s renewable energy operations, with the exception of large hydroelectric power, as well as international climate protection projects.
E.ON will be investing € 3 billion by 2010 in renewable energy. The acquisition of E2-I is the first major project in this context. Further offshore wind power projects are also being planned, including the largest wind farm in the world with around 1,000 megawatt at the Thames estuary in the UK, which E.ON is setting up together with other partners. By expanding renewable energies and building more efficient power stations, E.ON intends to contribute to climate protection.
In the long run, i.e. by 2030, E.ON aims to halve its specific carbon dioxide emissions from power generation against 1990. E.ON is committed to playing a leading international role in climate protection in the future and to supporting the EU target of generating at least 20% of primary energy from renewables by 2020. (forbes, oilvoice)