EnBW and PROKON will not merge

Karlsruhe. The creditors of PROKON Regenerative Energien GmbH today voted to continue PROKON as a cooperative. During the creditors’ meeting in Hamburg, creditors voted by a majority for the cooperative model with the participation of the previous rights holders.

“The EnBW team worked with great conviction on the bid to the very last minute. This decision is naturally even more regrettable because PROKON and EnBW would have been a very good match and could have advanced wind power in Germany together. However, we also have great respect for the bond that the rights holders have with PROKON, which is reflected in their decision,” said Chief Executive Officer Frank Mastiaux. “We wish the company PROKON, its employees and owners all the best and lots of success in the future. This decision does not affect the strategy that we decided to follow in the middle of 2013 in any way. We will now, as previously planned, concentrate on measures primarily geared towards organic growth in order to achieve our goals.”

EnBW plans to invest 3.5 billion euros over the coming years in the further expansion of renewable energies both on land and at sea alone. A further 3 billion euros will flow into the expansion of the transmission and distribution grids. Together with the area of customer sales, renewable energies and the grids business should account for almost 90 per cent of the company’s earnings in 2020.

As part of a bidding process, EnBW Energie Baden-Württemberg AG (EnBW) had made a binding offer to the insolvency administrator of PROKON for the acquisition of the company and was subsequently selected by the PROKON creditors’ committee as the preferred investor for the investor model on 12 May 2015. Following this decision, the binding offer from EnBW was presented to the PROKON creditors’ meeting today as a recapitalisation option, providing an alternative to the cooperation model.