The Carinthian energy producer Kelag acquires twelve small hydropower plants in France as well as shares in seven small hydropower plants and six wind turbines in Portugal from the German RWE group. This move further reinforces Kelag’s position in the field of renewable energies and as a competence center for hydropower.
The 25 power plants can supply enough energy to cover the annual requirements of more than 45,000 households. The acquisition further increases Kelag’s power plant output by five percent to 1,458 megawatt, while Kelag’s generation of own electricity increases by nearly five percent to 3.6 billion kilowatt hours. Kelag was able to substantially expand its generation capacities from renewable energy over the past ten years.
RWE’s power generation plants are held by two national companies that are now being acquired by Kelag. The purchase contracts were signed in December 2020 and will be implemented in the course of this year. The purchase price was kept confidential. Kelag expects to continue its growth in the two new markets France and Portugal.
Baker McKenzie is acting as legal adviser to Kelag for the entire transaction. The international transaction team led by the Austrian Partner Eva-Maria Ségur-Cabanac includes attorneys from Vienna, Berlin and Paris. Local expertise for Portugal was provided by the Portuguese law firm Abreu Advogados. “In recent years, the regulatory requirements in the energy sector and in particular in the field of hydropower have become increasingly complex. This is what made the cross-border transaction so challenging”, says Ségur-Cabanac.
With the takeover, the international law firm strengthens its track record in the areas of sustainability and transactions in the energy sector. Baker McKenzie is recognized by both Chambers and Environmental Change as the number one global law firm in the field of climate change.
Legal advisors KELAG-Kärntner Elektrizitäts-Aktiengesellschaft:
Lead: Eva-Maria Ségur-Cabanac (Partner, Corporate/M&A, Vienna)
Other attorneys involved:
Transaction team: Holger Engelkamp (Counsel, Corporate/M&A, Berlin), Armin Assadi (Associate, Corporate/M&A, Vienna), Clara Fercsak (Junior Associate, Corporate/M&A, Vienna)
EU & Competition: Andreas Traugott (Partner, Vienna); Nina Lenhard (Associate, Vienna)
France: Saveria Laforce (Partner, M&A, Paris), Sarah Belahcen (Associate, M&A, Paris), Rémi Ducloyer (Counsel, Energy/Regulatory, Paris), Roman Roussel (Associate, Energy/Regulatory, Paris)