Now Reading
DONG Energy A/S sells its wind power activities in Greece
DONG Energy A/S sells its wind power activities in Greece
Published 01-04-11
Submitted by MYTILINEOS Holdings S.A.
DONG Energy A/S and MYTILINEOS HOLDINGS S.A. have entered into an agreement on the acquisition by a company within the Mytilineos Group of DONG Energy's Greek wind power activities for a price of EUR 28 million (DKK 209 million).
The wind farms, with a total capacity of 18.6 MW, became part of DONG Energy in connection with the merger of DONG, Energi E2, Elsam, Nesa, Frederiksberg Forsyning and Københavns Energi's power activities in 2006. With the company's strategic focus on selected geographical areas it is natural to sell off the companies Greek activities.
"We are satisfied with the outcome of this sales process whereby we have fulfilled our financial and strategic objectives and shown our commitment to focusing and strengthening our activities related to our principal markets," says Anders Eldrup, CEO of DONG Energy.
The sale of the Greek wind power activities (the companies Energi E2 Aioliki S.A. and Energi E2 Aiolika Parka Karystias LLC owned by Energi E2 Renewables A/S) is expected to be completed in the second half of 2008 and result in an accounting gain after tax of approximately DKK 50 million, that will be recognised in the income statement for 2008.
The content of this release will not alter DONG Energy's expectations concerning the result for the 2008 financial year which, as previously announced, is expected to be on a par with the result for 2007.
DONG Energy is one of Northern Europe's leading energy groups. We are headquartered in Denmark. Our business is based on procuring, producing, distributing, trading and selling energy and related products in Northern Europe. The company delivered revenue of DKK 41.6 billion in 2007 (approx. EUR 5.6 billion or USD 8.3 billion). DONG Energy has more than 5,000 employees. For further information, see www.dongenergy.com.
MYTILINEOS Holdings S.A.
MYTILINEOS Holdings S.A.
The MYTILINEOS Group is active in the sectors of Energy, Metallurgy and Mining and EPC projects (Engineering-Procurement-Construction). Since its establishment, in 1990, its development has been outstanding and today it is considered one of the country's leading industrial groups, with significant international activity and listed on the Athens Exchange (ATHEX).
With a workforce of 2,000 employees in Greece and abroad, the Group's hard and fast goal is business excellence, always in accordance with the principles of Corporate Social Responsibility and demonstrating in all its activities its respect for the environment, society and people.
Activities
In metallurgy and mining the Group has established itself as one of the leading groups in S.E. Europe and the Middle East in the sector of production and trading of alumina and aluminium via its subsidiaries, Aluminium of Greece and Delpoi - Distomon.
Moreover, the MYTILINEOS Group has evolved into the leading independent energy producer in Greece through carefully planned strategic partnerships and business decisions. The group activates in this sector via M&M Gas, a company jointly established with MOTOR OIL for the supply and trade of natural gas and PROTERGIA, the company that came into being through the 100% acquisition and operation of ENDESA HELLAS, with its activities including the development and operation of thermal power plants and of renewable energy sources, as well as the trading of electrical power and CO2 emissions.
Regarding EPC projects, the Group has established its presence in the sector through its METKA subsidiary which has developed into the leading EPC Company (Engineering-Procurement-Construction) in Greece and is acknowledged as one of the most specialized and internationally renowned constructors of energy projects in Europe. METKA, which is listed on the Athens Stock Exchange, implements turn-key projects from their engineering and procurement stage to their construction, primarily for combined-cycle, conventional thermal and hydroelectric power plants.
The dynamic business growth of the MYTILINEOS Group is fully aligned with the principles of Corporate Responsibility and Sustainable Growth. For the Group, the concept of Sustainable Growth is synonymous to seeking business excellence while remaining committed to its vision and respecting society, the environment, its people and its shareholders, and to ensuring the harmonious coexistence of its business activities with the needs of the local communities where its operations are located. In this context, the Group is actively supporting major initiatives in the domains of Culture, Education, and the protection of the Environment.
More from MYTILINEOS Holdings S.A.
