Merger Creates New, Danish Renewables Giant
28 November 2018
BDO Corporate Finance Denmark (BDO CF) has acted as exclusive advisor for Eurowind Energy A/S in the merger between Eurowind Energy A/S, one of Europe's largest developers of wind turbine generator and solar cell farms, and the energy company Eniig Renewables.
The merger ensures that Eurowind Energy A/S can accelerate national and international expansion.
BDO CF has served as exclusive advisor for Eurowind Energy A/S. Jakob Sand, Partner & Manager of BDO CF, describes the outcome as a great success for all parties.
"Through an international process, we have helped ensure that Eurowind Energy A/S clarified both price levels and future business opportunities. The process led to the choice of a Danish model, where Eurowind A/S retains 50% of ownership. The merger creates the foundation for strengthening and growing both the company and the Danish renewable energy sector in general," he says.
Eurowind Energy A/S has its headquarters in Hobro, Denmark. It has developed, operated and managed wind and solar farms since 2006. The merged company is among the largest in Denmark. Today, it develops wind and solar farms across most of Europe. Eurowind Energy A/S' portfolio of renewable energy farms produces around one billion kWh of green electricity per year. In 2017/2018, the company had a revenue of 842 million Danish Kroner (113 million Euro).
"Through the merger, we are well equipped to continue to develop projects across Europe. At the same time, we expect to participate in the continued consolidation of our industry in Denmark and Europe," Jens Rasmussen, CEO of Eurowind Energy A/S, who will continue in his role after the merger, says.
Eniig Renewables is the Eniig Group's division for renewable energy. Eniig is in the process of becoming Norlys, as a result of the recent merger between energy companies SE and Eniig. Norlys will have an equity value of approximately 18 billion Danish Kroner and total assets worth approximately 30 billion Danish Kroner.
The choice of a Danish partner and a merger comes after a process in which a number of Europe's largest energy companies and PE funds showed great interest in acquiring Eurowind Energy.
"It has been a pleasure to work with as professional a team as Eurowind Energy’s. We have had great interest from many parties - not least from international collaborators and buyers. In view of the great interest, I think that it proves how strong the the Danish renewable energy sector is, that the final choice was a merger with Eniig Renewables, " Jakob Sand says.