RWE (FWB: RWE) is not in a position to make a solitary bid for Poland’s state-owned power company Energa and will only consider such a move should it find a partner to share the cost.

Filip Thon, chief executive of RWE’s Polish business is currently concentrating on measures to address its debt
Filip Thon
Poland plans this year to float a minority stake in Energa, the smallest of its four major power companies, and will look for a large or strategic investor in the company.

Thon told Reuters that RWE did not have the money for large scale investments or acquisitions.

“We have to divest in different markets, apart from Poland, to get the leverage factor under control,” he said. “If we wanted to invest into larger assets, we would have to do it with a partner in an intelligent way. We have to concentrate on asset-light projects with attractive returns and short pay-back periods.”

The German utility has focused on building up renewable power generation in Poland and has spent $1.5bn to date. It plans to spend around $650m on Polish wind farms , installing capacity of up to 300 MW by 2015, as Poland tries to meet EU regulations.

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