Karlsruhe/Stuttgart. EnBW Energie Baden-Württemberg AG has successfully completed the process of selling a minority stake in its grid subsidiary TransnetBW: Following the entry of the Südwest Consortium led by SV SparkassenVersicherung insurance group at the end of May, the federal government has now acquired a further minority stake of 24.95%. The federal government commissioned KfW to acquire the stake in TransnetBW.
KfW had an option to acquire a second minority stake of the same size (24.95 percent), which it has now exercised on the market terms established by EnBW in the sale process. TransnetBW is one of the four electricity transmission system operators in Germany.
EnBW CFO Thomas Kusterer: “We are delighted to welcome two long-term oriented and reliable co-investors on board at TransnetBW. At the same time, this provides EnBW with additional funding for growth investments to accelerate the implementation of the energy transition in Germany.”
With the transaction now also signed with KfW, EnBW has completed the process leading to the partial sale of TransnetBW announced in February 2022. EnBW remains the majority shareholder in the transmission system operator.
Dirk Güsewell, COO System Critical Infrastructure at EnBW and Supervisory Board Chairman at TransnetBW: “EnBW has fully embraced its responsibility for the transmission grid from the very beginning of the sale process. This is part of our basic philosophy as a reliable and sustainable infrastructure partner for the state, municipalities and our customers. TransnetBW is of outstanding importance for security of supply in Germany.”
Dr. Werner Götz, Chairman of the Executive Board, TransnetBW: “Expanding and upgrading transmission networks is a key success factor for the energy transition. Just recently, we made progress on two of our most important grid expansion projects: we held the groundbreaking ceremony for the SuedLink converter in Leingarten and we gained planning approval for ULTRANET.”
The closing of the transaction is subject to the approval of the relevant antitrust authorities, which is expected in November. The parties have agreed not to disclose financial details.