Page 13 - AfrElec Week 05

AfrElec
NEWS IN BRIEF
AfrElec
in an even busier 2020. Together with our customers and partners, everyone at Vestas worked vigorously to create the momentum to nish 2019 strongly, and we must continue this momentum to achieve our goals for 2020. As we continue to lead the transition towards a world powered by sustainable energy, we remain focused on executing our strategy
and pushing the industry to higher levels on technology, pro tability and sustainability,” says Henrik Andersen, Group President & CEO.
VESTAS
Siemens buys out
Iberdrola’s stake in
Siemens Gamesa
Siemens is to buy Iberdrola’s 8.1% in Siemens Gamesa Renewable Energy (SGRE) for EUR20 per share.
e Siemens board has approved the deal, with the EUR1.1bn price corresponding to
a 32% premium on top of the average share price for the last 30 trading days.
Siemens will contribute all its shares in SGRE to the new Siemens Energy company. is move will create a pure-play energy company with a unique value proposition in the area of conventional and renewable energies.
Siemens Energy, which will then hold about 67% of the voting rights at SGRE, will have a two-thirds majority at the company’s annual general meeting. No mandatory
takeover o er to SGRE’s external shareholders is planned.
Iberdrola, Siemens and SGRE have also signed a co-operation agreement that covers certain projects for wind power generation and for improving the distribution grid.
For these projects, Iberdrola, as a customer of SGRE and Siemens, will grant these companies exclusive negotiation rights for a limited period of time.
Furthermore, Siemens expects that additional annual savings of up to EUR100mn can be realised by unwinding the shareholder agreement and through intensi ed cooperation between Siemens and SGRE, resulting in a net present value of about EUR900mn.
“Siemens and Iberdrola had taken the
rst step to a necessary consolidation in the sector. We have created a leading and robust supplier of renewable energy and believe, that SGRE still has considerable potential to grow and create signi cant value.,” said Joe Kaeser, President and CEO of Siemens AG.
“2020 is a pivotal year in which climate protection has reached the top of the global agenda. We are convinced that the energy transition o ers many opportunities for Siemens Energy. With our diverse and constantly growing renewables portfolio we can deliver tailored solutions for low carbon leaders and energy seeking countries alike,” added Michael Sen, member of the Managing Board of Siemens AG and designated CEO of Siemens Energy.
SIEMENS
SOLAR HYBRID
Kenya builds Africa’s first hybrid plant
e construction of Africa’s rst hybrid power plant located in Kenya o cially kicked o on Tuesday.
Representing a $145 million investment, the hybrid plant known as “Meru County Power Park” will serve as a large-scale facility uniting wind, solar photovoltaic and battery storage. Up to 20 wind turbines and over 40,000 solar panels will be installed. e plant aims to provide more than 200,000 households with up to 80 MW of safe, a ordable and renewable energy.
e project represents a joint e ort between the Kenya Investment Authority (KenInvest) of the government of Meru County as well as Windlab and Eurus Energy, global developers of renewable energy.
e government of Meru County will
own part of the public-private partnership through the Meru County Investment and Development Corporation (MCIDC), while the remaining portion of the project is held by Windlab.
“As Kenya moves to implement the medium-term ‘Big Four’ agenda, promotion of predictable and sustainable renewable energy is key to guarantee successful realization of the manufacturing pillar. e project would help shore up manufacturing in the country,” said Roger Price, CEO of Windlab.
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