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Alpiq to divest 2 coal-fired plants in Czech Republic for €280M

Swiss electricity producer Alpiq Holding AG reached a deal to sell two coal-fired power plants in the Czech Republic to Sev.en Energy AG for approximately €280 million.

The 516-MW Kladno plant first began operation in 2000 and can run on coal and gas. Acquired in 2005 by Alpiq, the Zlín power plant has two CHP boilers that burn coal and biomass, with an electric capacity of 64 MW and a thermal capacity of 376 MW. The plants are operated by Alpiq Generation (CZ) s.r.o.

Alpiq said the sale decreases its power plant portfolio's carbon dioxide emissions by over 60%.

"The strategic transition between conventional energy and modern energy generating capacities is an opportunity for us. We want to be a part of this change in the position of those who ensure the stability and safety of supply while deploying new modern solutions," Sev.en Energy CEO Luboš Pavlas said. "The acquisition of the Czech coal-fired power plants of Alpiq exactly fits within this strategy."

The deal will result in an estimated net inflow of cash and cash equivalents of around €250 million to Alpiq upon closure, according to a news release. The sale proceeds will be used to develop Alpiq's growth areas and continue to optimize its balance sheet.

Subject to customary closing conditions, the transaction is expected to close in the second half of 2019. Sev.en Energy plans to further develop the plants to provide stable heat and electricity to its customers, according to a separate May 17 release by Sev.en.