Statkraft becomes Europe’s largest generator of renewable energy through completion of asset swap

08.01.2009 08.00 | pressrelease

(Oslo/Düsseldorf/Stockholm/London, 8 January 2009) Statkraft AS and E.ON AG have completed the asset swap that positions Statkraft as Europe’s largest generator of renewable energy. The Statkraft Group’s total generation capacity is increased with approximately 2,500 MW.

- Through this asset transfer, Statkraft has strengthened its position as a flexible and environment-friendly energy provider and have become Europe’s largest generator of renewable energy, says Bård Mikkelsen, CEO and President of Statkraft AS.

Statkraft AS and E.ON AG have completed the swap of Statkraft’s 44.6 per cent shares in E.ON Sverige AB and a Swedish hydropower plant in return for 40 hydropower plants and 5 district heating plants in Sweden, 2 gas fired power plants and 11 hydropower plants in Germany, 1 hydropower plant in the United Kingdom, and a 4.17 shareholding in E.ON AG. In addition Statkraft has received a structured gas storage contract and an electricity supply contract. The total value of the asset swap is € 4,495 million.

The Group’s total generation capacity has been increased with approximately 2,500 MW, while 217 employees have become new employees in Statkraft. The transfer of ownership of the assets took place 31 December 2008 and is celebrated today at the new power plants in Germany, Sweden and the United Kingdom

Statkraft becomes one of the four largest electricity producers in Sweden. Increased flexible power generation in Germany and the UK strengthens the company’s position as a significant player in Northern Europe and gives Statkraft a solid platform for future growth in these core markets.

Statkraft is Europe’s largest generator of renewable energy. The Group develops and generates hydropower, wind power, gas power and district heating, and is a major player on the European energy exchanges. Statkraft also develops solar power, marine energy, osmotic power and other innovative energy solutions. In 2007 Statkraft posted gross operating revenues of EUR 2.2 billion and a profit after tax of EUR 827 million. The group employs close to 3,000 staff in more than 20 countries.