RWE Energy has signed an agreement with Hamburg-based ExxonMobil Central Europe Holding GmbH to acquire ExxonMobil's local and district heating business in Germany.
This deal includes a 100% stake in Favorit Unternehmens-Verwaltungs-GmbH (Favorit), which has up until now been held by ESSO Germany GmbH and which operates ExxonMobil's local and district heating business in Germany.
Favorit generated 1 TWh of heat during 2007 for some 70,000 customers in the states of Hamburg, North Rhine-Westphalia, Hesse and Baden-Wuerttemberg.
Regulatory approval is still required.
'The acquisition of the ExxonMobil heating business will substantially strengthen RWE Energy's activities in the local and district heating sector', explained Heinz-Werner Ufer, CEO of RWE Energy, adding: 'This represents a further step in RWE's plans to expand its decentralised, efficient energy generation and energy services.'