Germany buys stake in EnBW's high voltage grid for $1.1 bln

Elia SA

10/11/2023 14:53

FRANKFURT, Nov 10 (Reuters) - Germany has acquired a
minority stake in local utility EnBW's  EBKG.DE  high-voltage
business, the company said on Friday, firming up its grip on
critical energy infrastructure in a bid to speed up the
country's energy transition.
    The purchase of a 24.95% stake in EnBW's TransnetBW by state
lender KfW  KFW.UL  has been long in the making and increases
the government's exposure in the sector, which already includes
a 20% stake in rival network 50Hertz  ELI.BR .
    EnBW earlier this year already sold a 24.95% stake in
TransnetBW to a savings banks-led consortium for around 1
billion euros ($1.1 billion).
    The group confirmed that KfW had bought its stake at the
same conditions, without providing details. KfW declined to
comment when asked about the purchase price.
    "We are delighted to welcome two long-term oriented and
reliable co-investors on board at TransnetBW," EnBW finance
chief Thomas Kusterer said in a statement.
    "This provides EnBW with additional funding for growth
investments to accelerate the implementation of the energy
transition in Germany."
    To further increase ownership of the power transmission
sector, which is considered key to Germany's energy security,
Berlin is also trying to purchase the German division of Dutch
operator TenneT  IPO-TTH.AS  for more than 20 billion euros.
    ($1 = 0.9366 euros)

 (Reporting by Christoph Steitz; Editing by Jan Harvey)
 ((christoph.steitz@thomsonreuters.com; +49 30 220 133 647;))