EnBW to Sell 20% Stake in German Wind Farms to Local Companies

Jul 16, 2014 8:25 am ET

July 16 (Bloomberg) -- Energie Baden-Wuerttemberg AG will sell a 20 percent stake in its German onshore wind farms to a group of regional energy companies.

EnBW, Germany’s third-largest electricity supplier, agreed today to sell the stake in its facilities with a combined capacity of 156 megawatts to 12 companies, mostly municipal utilities, from its home state Baden-Wuerttemberg, the Karlsruhe-based company said in a statement. EnBW will continue to operate the wind farms situated in 17 locations and didn’t disclose a price.

EnBW plans to get finance to develop new wind farms and is open for additional partners, it said.

The utility is a victim of German plans to expand wind and solar power and shut atomic plants. A surge in renewable energy, which gets preferential access to the grid and accounted for 24 percent of generation last year, has curbed electricity prices already weakened by recession in European economies. EnBW, which had relied on nuclear reactors for more than half its output, lost two of its four plants in a first wave of shutdowns. It wrote down about 1.2 billion euros ($1.6 billion) on its power plants last month.