E.ON seeks investors for wind projects

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E.ON seeks investors for wind projects

German utility E.ON is seeking support from investors for its European wind business.

E.ON has a selection of onshore wind projects in planning stage, but the firm has cut down its investments to manage its debt of US$39.2 billion. This is the reason why E.ON is seeking support from investors to co-invest in the plants.

The majority of E.ON's wind parks facilities are currently situated in the US and the UK. Since 2007 the firm has invested about €10 billion in the renewable energy sector. The company has about 10,900 MW of renewable energy capacity.

E.ON is currently trying to complete a €20 billion disposal program in other business segments.

In mid August we reported that E.ON received bids for its Spanish assets. The assets have an installed capacity of 4.3 GW, mostly thermal generation but also including 1.1 GW of renewables capacity. The company’s portfolio is formed by 21 percent coal, 50 percent natural gas, 18 percent hydro, and 11 percent solar and wind. The assets E.ON is selling could fetch about €2 billion (US$2.68 billion).

Additionally in mid August we published that E.ON and gas firm VNG AG received bids for EVG Thueringen which operates a 1,200 kilometre gas grid in the German states of Thuringia and Saxony. The transaction value is estimated at about €350 million (US$468 million).

E.ON is also selling its assets in Italy. Reuters reported in early August that several Italian utilities and private equity groups were expected to hand in tentative offers worth about €2 billion ($2.7 billion) for them.

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