Axpo sheds stake in Swiss utility Repower to focus on renewables
Image by Axpo Holding AG.
June 30 (Renewables Now) - Swiss renewable power producer Axpo Holding AG has offloaded its remaining 12.69% stake in domestic power utility Repower AG in a deal that will allow it to invest more in its renewables business.
The minority interest was sold with immediate effect to Repower’s current anchor shareholders EKZ, UBS Clean Energy Infrastructure Switzerland and the Canton Grisons, Axpo said on Wednesday. The value of the transaction was not disclosed.
“The sale enhances our financial leeway, particularly in view of the expansion of wind and PV in Switzerland and internationally,” said Acpo Group’s CFO Joris Groflin.
The divestment aligns with Axpo’s strategy to sell non-strategic businesses and shareholdings in order to redeploy the cash in certain growth areas. The company’s plan envisages investments of up to CHF 1 billion (USD 1.05bn/EUR 1bn) in solar, wind, biomass, hydropower and other technologies in Switzerland.
On a global scale, Axpo aims to lift its installed onshore wind and solar power capacity by 3 GW and 10 GW, respectively, by 2030. The company intends to keep ownership of some of these plants but will sell most to other investors.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.