05-11-2015 Repower sells Leverkusen CCGT project to STEAG

STEAG GmbH in Essen is acquiring Repower's project to construct a combined-cycle gas turbine (CCGT) plant in Leverkusen. The plan is to build a highly efficient CCGT installation that in addition to generating electricity will produce steam for the Chempark chemical industry site in Leverkusen. This marks the culmination of Repower's search for a partner for the project.

In recent years Repower has been successfully developing a project to build a combined-cycle gas turbine (CCGT) plant on the Leverkusen Chempark site. Detailed planning is at an advanced stage, key licences have been obtained, and GE/Iberdrola has been chosen to provide the plant on a turnkey basis. Parallel to this there have been discussions with potential partners.


At the same time, however, the operating environment has changed radically for Repower in recent months. The Swiss National Bank's decision to remove the floor on the EUR/CHF exchange rate, low energy prices, and unanswered questions regarding incentives and subsidies are limiting Repower's scope for investment and making it impossible for the company to give the construction of the Leverkusen plant the green light at this time − a situation Repower does not expect to change in the medium term. It has therefore decided to use the resources at its disposal for the maintenance and refurbishment of existing hydropower plants and a small number of strategic projects.

Felix Vontobel, Head of Generation/Grid and Deputy CEO of Repower, explains: "Given the widely acknowledged quality of the Leverkusen project and the outstanding location, Repower believes the CCGT plant has a very good chance of completion, and does not wish to hinder the successful execution of the project."

For this reason, rather than opting to build the plant itself or to do so in collaboration with a partner, Repower has decided to sell the project. The buyer is STEAG GmbH in Essen. The parties have agreed not to disclose the price of the acquisition.

Joachim Rumstadt, Chairman of the Board of Managment of STEAG GmbH, has the following to say about the deal: "One of STEAG's strategic objectives is to diversify our generation portfolio in Germany. By acquiring this option we've created the opportunity to build a large-scale, economically viable power plant with relevance for NRW and industry in the region. However, we will only make the final decision on construction once a reliable energy policy framework is in place."



Contact at Repower


Felix Vontobel
Head of Generation/Grid
Deputy CEO
CH-7742 Poschiavo, Switzerland
T +41 81 839 7111
M +41 79 222 0432
felix.vontobel@repower.com

Werner Steinmann
Head of Media Relations
CH-7742 Poschiavo, Switzerland
T +41 81 839 7111
M +41 79 831 5213
werner.steinmann@repower.com
www.repower.com

Contact at STEAG:
Dr Jürgen Fröhlich
Media Spokesman
STEAG GmbH
Rüttenscheider Straße 1-3
DE-45128 Essen, Germany
T +49 201 801-4262
juergen.froehlich@steag.com

www.steag.com

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