Martin Herrmann, Chairman of the Board of RWE ?eská republika, said:
“The partnership that was forged in 2012 has really proved its worth and is bringing positive economic effects for both parties. We have therefore agreed that Macquarie will increase its equity interest in our shared business.”
The group of funds managed by MIRA will increase its equity interest in RWE Grid Holding by 15% to 49.96% in total. The execution of the transaction is subject to approval by the RWE AG’s Supervisory Board and its final closing is expected in March 2015.
The consortium comprises majority investor Macquarie European Infrastructure Fund 4 (MEIF4) and another Macquarie-managed vehicle.
RGH owns and operates approximately 80 per cent of the Czech Republic's gas distribution network, with approximately 64,500 km of gas pipeline, over 2.3 million connection points and a regulated asset base in excess of €1.5 billion.
Edward Beckley, European Head of MIRA, said:
“Following a successful and active partnership with RWE in this venture, we are delighted to be able to increase our investment in RWE Grid Holding. We look forward to working closely with RWE to ensure the network continues to deliver a secure and reliable gas service for its customers in the Czech Republic."
Dr Rolf Martin Schmitz, Vice-Chairman of the RWE AG Board of Directors, commented on the transaction:
"The partnership between RWE and MIRA is an example of the RWE strategy. As RWE we have gathered long-standing, in depth experience along the whole value chain of the energy sector. We are pleased to bring our expertise together with the strengths of reliable financial partners such as MIRA to pursue our engagement in projects for a modern and innovative energy future.”
The strong partnership between the two entities has ensured the continued development of the network and, above all, the safe and reliable operation of the network.