German utility EnBW chosen as preferred bidder for wind co Prokon

The creditors of Prokon Regenerative Energien GmbH have selected a unit of utility EnBW (ETR:EBK) as the preferred bidder for the insolvent German wind farm operator.

This was announced by EnBW itself on Tuesday. The company also mentioned it has filed an all-cash binding offer that envisages it paying a “mid-level three-digit million” sum in euro for Prokon’s assets.

A day earlier, German newspaper Handelsblatt said, citing industry sources, that EnBW was preparing to make an offer to the insolvency administrator. The targeted business is valued at some EUR 500 million (USD 562m), according to the report.

One of the other parties to make an offer for Prokon was German solar and wind park operator Capital Stage AG (ETR:CAP). The final decision on EnBW’s proposal is expected to be made in early July.

Prokon, which filed for bankruptcy in early 2014, runs a portfolio of wind parks in Germany and Poland with a combined capacity of 537 MW and has a 170-MW-plus pipeline of projects in the two countries and Finland. Prokon also has a dedicated operations and maintenance (O&M) division.

(EUR 1.0 = USD 1.124)

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