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Vattenfall AB acquires Eclipse Energy UK PLC(Cision (English) Via Acquire Media NewsEdge) Vattenfall AB acquires Eclipse Energy UK PLC Vattenfall AB (?Vattenfall?), one of the largest electricity generators in Europe, made an offer for the entire share capital of Eclipse Energy UK PLC (?Eclipse?) on 10 October 2008 (the ?Offer?) Eclipse is a UK based energy developer primarily focused on wind. Vattenfall has now received valid acceptances in respect of 91.2% of the issued share capital of Eclipse. As it has now received sufficient valid acceptances of the Offer, Vattenfall intends to exercise its rights to acquire compulsorily the remaining shares in Eclipse on the same terms as the Offer. This move enables Vattenfall to expand its presence in the UK market and to take an active role in the UK?s third licensing round for offshore wind development. Vattenfall is Europe?s fifth largest generator of electricity and the largest producer of heat, and works in all parts of the electricity value chain. In the UK, Vattenfall owns and operates the Kentish Flats offshore wind farm, which has a capacity of 90 MW. It is also the world?s second largest offshore wind power operator, with a 60 per cent stake in Horns Rev, the world?s largest offshore wind facility off Denmark?s Jutland Peninsula (160 MW) and 100 per cent of the world?s third largest offshore wind farm, Lillgrund between Sweden and Denmark (110 MW). Together, Vattenfall?s three largest wind farms provide renewable electricity equivalent to the consumption of around 200,000 households. The company aims to produce 50 TWh from wind developments, equivalent to the consumption of some 10 million households, by 2030 (a significant expansion from today?s 1.5 TWh) and sees the UK as a key market for future growth. Eclipse is currently developing six wind projects in the UK with the potential to produce over 200 MW of renewable electricity. The acquisition is therefore a logical step forward in Vattenfall?s plans for further wind expansion and makes use of its world leading wind technology competence. Commenting on the acquisition, Lars G. Josefsson, Chief Executive Officer of the Vattenfall Group says: ?This deal provides an excellent opportunity to expand our business in the UK by strengthening our local presence and leveraging our considerable experience in wind power?. ?As part of our strategy to reduce emissions, Vattenfall has very ambitious plans within renewable energy. The UK is a prime target market for future growth, due to its well-functioning support systems, a deregulated and competitive market for electricity and openness to foreign investment, amongst other factors. Eclipse is a sound company with long experience within this field and has developed important projects in line with our business and ambitions?. Eclipse?s Ormonde Project, which will be operational around 2011, based off the coast of Barrow-in-Furness in the North West, comprises 150 MW of consented renewable electricity from offshore wind generation. The project also has potential for an optional 93 MW from natural gas exploration through two small gas fields, Ormonde North and South. The Gwynt yr Hafan project in South Wales consists of five industrial and commercial sites previously identified by the Welsh Assembly Government as potential ?brownfield? development sites. The five sites, on Associated British Port land, include Newport, Cardiff, Barry, Port Talbot and Swansea, each with the potential to produce 58 MW of renewable electricity from onshore wind. Climate Change Capital acted as financial adviser to Vattenfall. Vattenfall discloses this information pursuant to the Swedish Securities Market Act. Notes to Editors Vattenfall is Europe?s fifth largest generator of electricity and the largest producer of heat with consolidated sales in 2007 of ?11,130 million. Vattenfall?s vision is to be a leading European energy company. Operations today are conducted in Sweden, Denmark, Finland, Germany, Poland and the UK. Vattenfall works in all parts of the electricity value chain: generation, transmission, distribution and sales. Vattenfall also conducts energy trading and lignite mining, and produces, distributes and sells heat. The Group has more than 32,000 employees, and is 100% owned by the Swedish State. For the last 30 years Vattenfall has done significant research and development of large-scale wind technologies. The focus of Vattenfall?s strategy is on Making Electricity Clean. It has performed two major studies ? a Climate Map and a 100 Year Plan ? with the ambition to show that it is not only necessary, but also possible, to curb climate change. It is pioneering the development of Carbon Capture and Storage (CCS) technology. Vattenfall also initiated the ?3C? initiative (Combat Climate Change), which aims at forming a global opinion group consisting of companies showing leadership by demanding an integration of climate issues into the world of market and trade. More than 50 international companies have signed up so far. For further information, please contact: Edvard Lind, Press Secretary, Group Media Relations, telephone: +46 (0) 70-358 63 30. Klaus Aurich, Head of Investor Relations, phone: +46 (0) 8 739 65 14. From Vattenfall's Press Office, phone: +46 (0)8-739 50 10. Vattenfall's vision is to be a leading European energy company. Vattenfall's main products are electricity and heat. Today, Vattenfall generates electricity, produces heat and supplies energy to several million customers in the Nordic countries and northern Europe. The major customers are industrial plants, energy companies, municipalities, property companies and housing associations. For further information, please see www.vattenfall.com. The media service section, including a picture archive and Vattenfall's press releases, can be found under News & Comments. This information was brought to you by Cision http://www.cisionwire.comThe following files are available for download:http://wpy.waymaker.net/client/waymaker1/WOLReleaseFile.aspx?id=986583& amp;fn=wkr0003.pdf Copyright ? 2008 Cision. All Rights Reserved. |