Verbund Concludes Takeover of Bavaria's Inn Power Plants

9/1/2009Vienna

With the final takeover on 31st of August, Verbund has concluded the acquisition of 13 E.ON hydropower plants on Bavaria's River Inn that was announced in June of this year. The 13 hydropower plants with a capacity of 312 megawatts will be managed by VERBUND-Innkraftwerke GmbH, which has its headquarters in Töging/Bavaria.

Entrusted with the management are Dipl.-Ing. Dr. Herbert Schröfelbauer and Ing. Mag. Michael Amerer, both of whom simultaneously manage Verbund's hydropower company, VERBUND-Austrian Hydro Power AG, Vienna.

VERBUND on the fast lane
"It is our ambition to be among Europe's leading players, and to advance further from our current position of being the fourth largest hydropower company. We are convinced that, together with the Bavarian power plants on the Inn, we will be successful in this undertaking,” said Wolfgang Anzengruber, CEO of the Verbund Group.

The new management team of VERBUND-Innkraftwerke GmbH brings with them Verbund’s competence in the construction and operation of hydropower plants. Both simultaneously preside over VERBUND-Austrian Hydro Power AG, which holds the responsibility in the Verbund Group for the construction and operation of 108 hydropower facilities. For decades, the combination of economic efficiency, ecological consideration and the involvement of the local inhabitants in projects has been the recipe for successful company management.

217  employees will be taken over
"The taking into account of Bavarian interests was - and is - important for Verbund,” emphasized Anzengruber. The company's headquarters remain in Bavaria; all 217 employees will be taken on with unchanged employment conditions. The invitation extended to Bavarian municipalities and municipal businesses, to make investments in VERBUND-Innkraftwerke GmbH amounting to up to 30 percent, continues to be valid.

Within the framework of E.ON's sales obligation, Verbund was able to acquire 13 run-of-river power plants on Bavaria's River Inn during the course of a tendering procedure. The power plants' annual production amounts to 1,850 GWh, which corresponds to around nine percent of Verbund’s entire run-of-river power production. The purchase price comprises a cash purchase price and a 20-year delivery contract for electricity from the Zemm/Ziller power plant group. An agreement of confidentiality concerning the purchase price was reached between E.ON and Verbund.