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RWE sells small-scale hydropower stations to Austrian energy utility KELAG

Essen, 12 January 2021

  • 19 small hydropower stations in France and Portugal to be sold
  • Transaction involves assets with a capacity of about 65 megawatts

 

RWE is to sell its 19 small-scale hydropower station portfolios in France and Portugal as well as its small Portuguese onshore wind stake of 3 megawatts, representing a total capacity of 65 megawatts (pro-rata), to KELAG, an Austrian energy utility based in Carinthia (Kärnten). Under the terms of the deal, 16 employees will also transfer to KELAG. The power plants moved to RWE as part of its transaction with E.ON in 2019. The transaction will become effective as of 1st of January 2021; closing is expected in the course of 2021. The parties involved have agreed to keep the purchase price confidential.

RWE has a stake in KELAG since 2001, with a current shareholding of 37.9%. In autumn 2020 the state of Carinthia and RWE agreed to continue their successful partnership for a further decade. By working together they aim to further expand and bolster the position of KELAG as a leading energy utility and centre of competence for hydro-electricity. This transaction is an important step towards this goal. RWE’s main focus, as part of the expansion of renewables, is to invest in onshore and offshore wind power, photovoltaics and storage technologies.