Germany

Germany

EnBW looks to acquire insolvent Prokon

GERMANY: German utility EnBW is aiming to buy insolvent developer Prokon Regenerative Energien in an all cash deal.

EnBW's Headquarters in Karlsruhe, southwest Germany
EnBW's Headquarters in Karlsruhe, southwest Germany

EnBW made a binding offer to Prokon's insolvency administrators, which has been accepted as the preferred bid.

According to EnBW, it made a "mid three-digit million euro" bid for Prokon, expected to be paid in one lump sum. A decision is expected in summer 2015.

In January 2014, Prokon filed for insolvency following the withdrawal of capital by a number of investors.

Prokon has a project portfolio of 537MW in Germany and Poland, and even developed its own 3MW turbine in 2013. It is planning a further 4.2GW of wind projects in Germany, Poland and Finland.

EnBW CEO Frank Mastiaux said any takeover would result in Prokon's "core business" continuing. "It will be possible to create a new, extremely competitive supplier in the European wind energy market," he said.

In 2013, EnBW unveiled a "2020 strategy" to invest €3.5 billion in renewable energy and expand the portfolio to 40% of its business, up from 12%.

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