REPOWER AG As communicated on a number of occasions in the last few months, Repower has been looking into the option of selling its interest in Swissgrid AG. In the meantime a deal has been signed with an intercantonal consortium.
Repower currently holds a 3.69% interest in Swissgrid AG. The interest is primarily the result of the transfer of Repower's high-voltage network to the national grid operator in 2013, when the company signed over its transmission grid assets to Swissgrid in return for shares and a convertible bond.
Repower is selling its shares in Swissgrid AG and a convertible loan granted to Swissgrid. The selling price is around CHF 56 million, with the final selling price to be set on the basis of Swissgrid AG's 2014 financial statements. The agreement also includes the sale of rights to any further Swissgrid shares and convertible bonds for an additional payment. Repower will use the proceeds of the deal to reduce its net debt and finance investment under its strategic plans.
The buyer is an intercantonal consortium comprising Canton Graubünden (25.1%), Elektrizitätswerk des Kantons Thurgau in Arbon (12.5%), Kantonales Elektrizitätswerk Nidwalden EWN in Stans (12.5%) and UBS Clean Energy Infrastructure Switzerland KGK in Basel (49.9%). The consortium will hold the shares as a financial interest via a Graubünden-based investment company in which the public sector holds a 50.1% majority.
Finalisation of the transaction is subject to the approval of Swissgrid AG. The transaction fully meets the relevant legal requirements, and in particular the special requirements under the relevant articles of association and company law.
Contact:
Stefan Kessler
CFO
CH-7742 Poschiavo, Switzerland
T +41 81 423 7846
M +41 78 774 1419
stefan.kessler@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
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