Austrian utility Verbund acquires eight hydropower plants in Germany
Austria-based electric utility Verbund has acquired all shares in eight hydropower plants owned by Germany-based E.ON in a deal that is worth over €1bn.
The plants are built on the Inn and Danube rivers and Verbund in exchange will offer E.ON its 50% share in Turkish firm Enerji.
Commenting on the acquisition Verbund CEO Wolfgang Anzengruber said the company is now working to increase hydropower production focusing on majority shareholdings in Austria and Germany.
"Our target area is southern Germany, northern Italy, perhaps Switzerland," said Anzengruber.
This transaction will increase the Verbund's portfolio of electricity generated from run-of-river plants by 9%.
The company is also buying back 2 billion kWh hydro power generation of the Zemm-Ziller power plant group.