7 June 2002 – Cinergy Global Power, Inc., a subsidiary of Cinergy Corp., has reached an agreement to sell its Spanish renewable assets to Energi E2 A/S (E2), a major Danish generator of power and heat.
Cinergy Global Power is selling its subsidiary, Cinergy Renovables Ibericas, S.L. (CRISL). CRISL is a leading developer, owner and operator of renewable energy plants in Spain with an operational portfolio of 203 MW gross installed capacity. Cinergy Global Power has a net equity of 93 MW. The assets include wind energy, with smaller interests in biomass and mini-hydro power.
Cinergy is selling the assets as part of its focus on paying down debt and restructuring its balance sheet. The acquisition of CRISL by Energi E2 is a result of E2’s European expansion strategy and allows E2 to leverage its competence within renewable energy in the Mediterranean region. The transaction is subject to certain conditions.
JP Morgan is advising Cinergy Corp., and Dresdner Kleinwort Wasserstein is advising ENERGI E2. Terms of the transaction were not disclosed.