Vattenfall sells two German waste to energy power plants

Vattenfall has launched the process to sell two German waste to energy power plants, Lauta and Rüdersdorf to STEAG.

STEAG already has a 25.1 percent ownership in the Lauta power plant, while the Rüderstorf plant is fully owned by Vattenfall. Both plants have a waste incineration capacity of 475,000 tonnes per year.

The transaction is expected to be completed during the first half of next year after the approval by the Supervisory Board of Vattenfall GmbH in December. German anti-trust authorities have already approved the deal.

Vattenfall and STEAG have agreed not to disclose the financial details of the transaction.

Tuomo Hatakka, Senior Vice President for Vattenfall's Business Area Heat says:

"Vattenfall is taking a further step in its strategic redirection, focusing in Germany on the expansion of wind power, heat in Berlin and Hamburg, on distribution networks and on local energy services."

The two plants have approximately 100 employees. Vattenfall discloses this information pursuant to the Swedish Securities Market Act.