Bids submitted for E.on Spanish assets

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Bids submitted for E.on Spanish assets

The deadline for submission of bids for Spanish assets of German utility E.ON’s was yesterday. The assets have an installed capacity of 4.3 GW, mostly thermal generation but also including 1.1 GW of renewables capacity.

Although there is no formal information about the the bidders, according to different sources, the following companies were interested in the assets at some point:

E.ON hired Citi as financial advisor on the sale of the assets.

The company's portfolio is formed by 21 percent coal, 50 percent natural gas, 18 percent hydro, and 11 percent solar and wind. It includes one of the most efficient gas-fired power plants in the country and, as part of a joint venture, two state-of-the-art 50 MW concentrated solar power plants.

The 32,000 km power distribution network could be one of the most attractive assets of the portfolio.

The assets E.ON is selling could fetch about €2 billion (US$2.68 billion). E.ON bought assets that Endesa had in spain, Italy and France for €8.6 billion plus €2.6 billion in debt.

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