DGAP-News: ENCAVIS AG / Key word(s): Disposal/Strategic Company Decision
Encavis sells minority interests of 49% in wind farm portfolio in Austria
Hamburg/Vienna, December 21, 2020 - SDAX-listed wind and solar park operator Encavis AG (ISIN: DE0006095003, Prime Standard), sold 49 percent of its wind farm portfolio in Austria to the largest regional Austrian utility, WIEN ENERGIE GmbH. The three wind farms "Pongratzer Kogel" and "Herrenstein" in Styria and "Zagersdorf" in Burgenland represent a generation capacity of 36.2 MW in total.
"The renewed sale of minority interests in a wind farm portfolio remains our guiding principle for strengthening our internal financing power as well as further diversifying our portfolio", Dr Dierk Paskert, CEO of Encavis AG, explained this strategic course of the Group.
Encavis Group's strategic decision to sell minority stakes of up to 49 percent in selected wind farms to institutional investors or utilities frees up existing cash reserves for investment in further projects, confirms the accounting values of the assets in the existing portfolio (under IFRS) and results in book profits in the national financial statements (under German GAAP).
"We are pleased that with this transaction, which was concluded in the face of competition from a very large number of different bidders, we can once again provide evidence of the value of our existing portfolio. Our selective acquisitions and the technical and commercial optimization of our parks create significant value - as this example repeatedly demonstrates. This proof of value, which is already included in our forecast key figures for this year, once again confirms the achievement of our Guidance 2020," Dr Christoph Husmann, CFO of Encavis AG, emphasized the positive financial effects of this transaction.
With this wind farm acquisition, Wien Energie once again confirms its regional focus and strengthens its portfolio of renewable energy generation, which, in addition to the main focus on photovoltaic parks, also includes wind and hydropower plants. Through the partial acquisition of the three wind farms, Wien Energie is reducing the CO2 emissions of its own energy generation by around 14,500 tons per year.
"The extension of our wind power portfolio is an important cornerstone to achieve our climate goals besides the expansion of the photovoltaic. We are now enabled to produce additional 37 gigawatt hours of renewable energy to serve corresponding 14,800 households CO2-free in Vienna with this participation", DI Mag. Michael Streibl, Chairman of the Management Board of Wien Energie GmbH, underlined the investment in renewable energy generation for the security of supply and climate protection of the country.
WIEN ENERGIE is the largest regional energy provider in Austria and a subsidiary of WIENER STADTWERKE. WIEN ENERGIE supplies two million customers with electricity, heating, cooling, electromobility and telecommunications in a reliable and environmentally friendly manner. In order to promote climate protection, WIEN ENERGIE will be investing heavily in the expansion of renewable energies such as solar, wind and hydropower as well as electromobility in the coming years. With innovation and research, WIEN ENERGIE is actively shaping the future of energy.
WIEN ENERGIE's creditworthiness is rated as excellent by international rating agencies: "AA-" by Fitch and "A" by Standard & Poor's. With its measures for climate protection and security of supply in the city, WIEN ENERGIE is best prepared for the future.
For more information about the company, please visit www.wienenergie.at
Mag. Lisa Grohs
Encavis is a signatory of the UN Global Compact as well as the UN PRI network. Encavis AG's environmental, social and governance performance has been rated "A" level by MSCI ESG Ratings and "Prime" corporate ESG performance by ISS ESG, two of the world's leading ESG research and rating agencies.
For more information about the company, please visit www.encavis.com
21.12.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
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