Power Generation | Infrastructure and Distribution

Vattenfall completes sale of Belgian operations to ENI

Vattenfall's Thanet wind farm

Swedish energy company Vattenfall has completed the sale of its Belgian operations, Nuon Belgium and Nuon Power Generation Walloon, to ENI for €157 million.

The sale, which was agreed last summer, covers all of Vattenfall’s Belgian operations and is the latest step in the company’s plan to focus on core markets in Sweden, Germany and the Netherlands.

The company has also sold its electricity distribution network and heat businesses in Finland to the Lakeside Network Investments consortium, which includes 3i Group, GS Infrastructure Partners and Ilmarinen Mutual Pension Insurance Company, for approximately €1.54 billion.

Vattenfall will, however, retain its electricity sales and hydro power operations in Finland.

The company says that the reorganisation will improve its ‘financial flexibility’ and allow it to direct its efforts towards the development of environmentally sustainable energy production.

Meanwhile, Nuon Renewables’ UK business, which Vattenfall acquired as part of its takeover of Dutch utility Nuon in 2009, is now being fully integrated into Vattenfall’s operations.

Nuon Renewables, which has 14 projects and a total capacity of 624 MW in its portfolio, will take on Vattenfall’s name and provide more details of the integration in coming weeks.

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Related stories:
Scotland signs landmark renewables deal with Masdar (10-Jan)
UK green energy company Ecotricity’s wind output up 18% in 2011 (6-Jan)
Vestas cuts 2011 revenue forecast in profit warning (5-Jan)
EIB backs Vattenfall’s Thanet offshore wind farm with £150 million (24-Nov)

11 January 2012