Macquarie-led group wants control over Innogy's Czech grid business

Author: Oran Viriyincy. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.

April 30 (Renewables Now) - A consortium of investors managed by Macquarie Infrastructure and Real Assets (MIRA) has exercised an option to buy the shares it does not already own in Chezh distribution grid operator Innogy Grid Holding (IGH).

The purchase price would be EUR 1.8 billion (USD 2bn), German energy group RWE AG (ETR:RWE), which holds 50.04% in Prague-based IGH, said on Monday.

RWE bought the controlling stake in the Chezh business in February as part of its asset swap transaction with peer E.on SE (ETR:EOAN), under which RWE is selling sell its majority interest in Innogy to E.on, while keeping Innogy’s renewables business and merging it with the green assets of E.on. For IGH, the parties had agreed that E.on would eventually become its majority owner.

The Macquarie-led consortium holds 49.95% in IGH and they have taken advantage of their right of first refusal in relation to the RWE - E.on plans. Thus, it will take the majority stake that was planned to go to E.on.

The transaction's completion hinges on merger control proceedings and the completion of the RWE - E.on deal.

(EUR 1.0 = USD 1.118)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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