MVV Energie to divest wind developer Etenergy

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Stock-exchange listed municipal energy company MVV Energie of Germany plans to divest its wind developer, Eternegy, within the next 12-18 months. Eternegy, based in Mannheim, employs about 20 people and is developing projects for some 1200 MW of wind generation in Germany, Poland, Spain, France and Ireland. MVV says it wishes to concentrate on core activities of energy and water distribution, waste incineration, biomass and district heating. It plans to write-off losses of about EUR 14 million associated with setting up Eternegy, although sale of the wind developer could redress the balance. While still with MVV Energie, Eternegy will continue to work on projects already underway but will not start any new development.

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