Statkraft buys half of German energy retailer Enqu

Norwegian state-owned utility Statkraft is acquiring a 50% stake in German energy retailer Enqu GmbH in a deal marking its entry in the German energy retail market.

Torsten Amelung, Statkraft senior vice president new markets, said the move is part of the company's growth strategy in decentralised energy services and end-customer business.

The parties unveiled the deal last week, without disclosing a price. They need antitrust approval.

According to the announcement, in the medium term the business could offer services in the area of decentralised energy supply such as solar panels, batteries and e-mobility solutions. In the future, the aim of the partnership is to grow in the German retail business and reach medium and larger commercial customers.

Bringing financial strength to the partnership, Statkraft said it will support Enqu's further growth. Enqu managing director Joachim Schwarten commented that it is hard for a small company to reach commercial customers and achieve rapid growth.

Statkraft says it is Europe's largest renewable energy generator, producing power from hydro, wind and solar resources, as well as gas.

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