German electric utility company E.ON’s subsidiary E.ON Climate & Renewables is acquiring German activities of the Kassel-based wind energy project company Vortex Energy Group.
Image: E.ON to acquire Vortex Energy Group to expand its wind energy portfolio. Photo: Courtesy of Jim Frech/FreeImages.com.
Financial details about the transaction have not been disclosed. E.ON is taking over the company to increase its wind energy portfolio in the country. Vortex has been involved in the development, realization and operation of onshore wind farms in the country since 2004.
Presently, the company has a project pipeline of wind farms of about 300MW and large number of projects at an early stage of development. These are claimed to complement E.ON’s activities in construction and operation of wind farms in Germany.
E.ON Climate & Renewables CEO Anja-Isabel Dotzenrath said: “We see strong growth potential for wind energy in Germany. Vortex’s outstanding expertise and regional networking are a key factor for us to exploit this potential and compete for the best locations.”
After the acquisition, Vortex will continue its business from Kassel without any changes to its market presence. The acquisition will see transfer of 30 of its employees to E.ON. Vortex Energy Group’s Polish and Belgian activities will not be part of this transaction.
This transaction is subject to approval from relevant regulatory authorities.
The Vortex Energy Group CEO Till Jeske said: “Vortex Energy sees the acquisition by E.ON Climate & Renewables as the ideal opportunity to successfully realize its project pipeline in Germany and maintain sustainable growth. For the employees of Vortex, the transaction provides future security and excellent prospects.”
In March, E.ON and RWE Energy agreed that E.ON will acquire the entire stake in innogy from RWE. In exchange, RWE will acquire the renewable assets of innogy and 16.67% stake in E.ON. The deal was valued at €22bn.
After the deal is completed, RWE is expected to combine the ownership of renewables business of E.ON and innogy to create one of the major utilities for renewables in Europe.