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Dong sells up in Greece
1 July 2008
Denmark's major gas and oil enterprise, Dong Energy, has sold its 18.6 MW of wind power assets in Greece to Mytilineos Holdings SA for EUR 28 million, realising a post tax profit of EUR 6.7 million. Mytilineos, the largest independent power producer in Greece, acquires two wind plant operators originally owned by Denmark's Energi E2, Aioliki SA and Aiolika Parka Karystias LLC, which run wind plant on Evia island. All the wind assets owned by Mytilienos are held in a joint venture, Endesa Hellas, established last year together with former Spanish utility Endesa. Endesa Hellas operates 45 MW of wind power in total and has 798 MW under development. The sale by Dong is a continuation of its strategy to reshape the company's wind power business, acquired largely through a merger of Danish utility interests in 2006. Dong's future focus is on the north European and offshore markets. "We are satisfied with the result of this sales process in which we have fulfilled our financial and strategic goals and demonstrated our willingness to focus and strengthen our company in our main markets," says Dong's managing director, Anders Eldrup. Dong turnover in 2007 was EUR 5.6 billion.
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