- ALH Group agrees to buy 49.9% of EnBW 597 MW solar farms.
- The transaction is expected to close this autumn.
The ALH Group, a German insurance company, has agreed to buy a 49.9% indirect ownership in the energy company EnBW Energie Baden-Wuerttemberg AG’s portfolio of 597 MW solar farms in Germany.
The deal covers 16 solar farms spread over the German states of Saxony, Baden-Württemberg, Mecklenburg-Western Pomerania, and Baden-Wuerttemberg. All of them were created and constructed by EnBW, which will also keep up with managing, servicing, and selling the plants’ annual output, which averages 580 GWh.
“We plan to invest the sale proceeds in new growth projects in the renewable energy and grids segments. This is more important now than ever because every megawatt-hour from renewables makes Germany a little less dependent on fossil fuels,” said EnBW CFO Thomas Kusterer.
The transaction is expected to close this autumn, subject to securing the needed regulatory approvals.