Germany: HEAG Could Sell Stake in HSE to Fund New Purchases

HEAG Holding AG intends to sell a part of its stake in HEAG Suedhessische Energie AG (HSE), which would reduce its ownership from 93% to 60% in the utility that has a 25% stake in the Global Tech I offshore wind project, according to Bloomberg.

The company could sell its planned percentage to local municipalities, financial investors or strategic investors in the energy or engineering industries.

HEAG bought E.ON’s 40% stake in the HSE joint venture and that deal has beaten private-equity renewables deals in 2012, Bloomberg says. HEAG already held 53% of the HSE shares and the total purchase price of E.ON’s stake was EUR 305 million.

German renewable energy feed-in tariff makes investments in renewables very profitable, HEAG management board member Klaus-Michael Ahrend is quoted by Bloomberg as saying. He added that the company has had inquiries from large international banks in the past.

HEAG’s portfolio of 160 companies would be strengthened by this sale, as it may use the money to reduce debt and fund purchases of renewable energy projects and smaller technology businesses. Onshore wind and energy-efficiency consulting are the fields on which HEAG has its eye on.

HSE is an independent provider of modern energy and infrastructure services and one of Germany’s leading suppliers of renewable energy. It has stakes in businesses along the energy value chain in the areas of generation, grid sales, procurement, data management and technical services.

[mappress]

Offshore WIND Staff, February 4, 2013; Image: globaltechone