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Tauron abandons sale of wind power assets, teams up with Enea, Equities News - EquitiesPoland.pl
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Tauron abandons sale of wind power assets, teams up with Enea

TAG'S: ENEA, TAURONPE, Energy

 

 

Listed power group Tauron decided to resign from selling its wind power assets mainly due to low energy and green certificates prices, and instead will cooperate with peer Enea on increasing renewable capacity and financing the purchase of wind power assets, Tauron announced in a press statement.

Tauron decided to give up on wind power assets sale due to "very significant change of market conditions, in particular low current level of prices of green certificates and electric energy as well as expectations regarding those prices in the future," the statement reads.

 

 

 

Instead, Tauron decided to sign a letter of intent with Enea to determine the scope of cooperation on renewables.

 

 

 

"This project is important to us, that's why we are launching negotiations with a new partner, based on fundamentally different assumptions," CEO Dariusz Lubera is cited as saying. "We will certainly consider various scenarios of cooperation based on a symmetrical division of risks between the partners."

 

 

 

Tauron last said in mid-May that it was approaching the end of negotiations on the potential sale with one bidder, but admitted that the deal was more more difficult to finalize as a result of significant declines in the prices of green certificates.

 

 

 

Back then, the group estimated the impact of the potential sale on the debt indicator at 0.2-0.3x EBITDA and indicated it would look for other ways to bring the ratio down, should the deal fail.

 

 

 

Tauron had long signaled it would be seeking to sell its wind farm assets, with the prospect of their repurchase in several years, in order to free cash for investment projects.

 

2015-07-03



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