• Reference
  • 26 June 2015

Vattenfall sells Nordjyllandsværket

Vattenfall thereby completes the divestment of its Danish power plants.

For a longer period of time, Bech-Bruun has rendered assistance to Vattenfall on the sale of its Danish thermal power plants, most recently on the sale of Nordjyllandsværket to the Municipality of Aalborg.

On 24 June 2015, Vattenfall signed the transfer agreement with the Municipality of Aalborg. The plant will become part of the Municipality's utility business.

The execution of the transaction is conditional upon several conditions being fulfilled. The transaction is expected to be finalised at the turn of the year. The plant, which is one of the most efficient CHP plants in Europe, is sold at an enterprise value of approx. DKK 825m.

Since the beginning of 2013, Bech-Bruun has assisted Vattenfall on the sale of Amagerværket to HOFOR (2013-2014) and Fynsværket to Fjernvarme Fyn (2014-2015). In addition, Bech-Bruun has assisted Vattenfall on the sale of its engineering business in Denmark (2013). The total enterprise value of the three plants sold is approx. DKK 4bn.

Bech-Bruun has provided assistance on all legal aspects of the transactions.

Strategic spin-off
With the sale of Nordjyllandsværket, Vattenfall has sold all its Danish power plants. The spin-off is part of Vattenfall's strategy to reduce its CO2 emissions and to otherwise focus on its core markets. Following the spin-off, Vattenfall, however, engages in considerable activities in Denmark, including in particular wind power activities, in which respect Vattenfall takes up a leading position within both onshore and offshore wind power as well as within the trading and transportation of fuel.

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