The sale of Vattenfall’s German coal-fired power assets to Czech energy company Energetický a průmyslový (EPH) and its non-operational financial partner PPF Investments (PPFI) has finally gone through.

The deal had been held up while the European Commission analysed it for potential breach of competition law. However the Commission’s decision to approve has removed the last remaining barrier.
Lippendorf coal-fired power plant
The acquisition is part of EPH’s effort to extend its presence and long-standing expertise in the region.

The acquisition involves power plants Jänschwalde, Boxberg, Schwarze Pumpe, Lippendorf block R as well as open cast mines Jänschwalde, Nochten, Welzow-Süd, and Reichwalde.

The power plants have a combined power generation capacity of 8000MW with total 7,500 employees.

Vattenfall president and CEO Magnus Hall earlier said: “This divestment of our lignite assets is good strategically but also financially given current and expected market conditions. We are now accelerating our shift towards a more sustainable production.”

EPH earlier said the deal involves acquiring over €3.4bn ($3.8bn) worth of assets and €2bn in liabilities and provisions.