Under the terms of the agreement, SWM has taken a 33 per cent stake in subsidiary wpd Europe.
The partnership deal was originally announced in July. This past week, its particulars won the approval of competition authorities.
“This new cooperation is for us an important element in the scope of our expansion campaign for renewable energies,” SWM chief Kurt Mühlhäuser. “Through 2025, we intend to produce such an amount of green energy from our own turbines that we shall be able to satisfy the total energy consumption of Munich.
“Munich shall be the first city of over one million inhabitants to reach this aim. We are optimistic that we will achieve this ambitious target through the potential offered by this onshore cooperation. Until 2020, we are expecting an additional volume of some 1.2 billion kW/h,” Mühlhäuser added.
Hartmut Brösamle, CEO of wpd, said his company had been looking for a joint venture partner for wpd europe to foster the long range expansion of the company’s European pipeline.
“We see ourselves well positioned by this cooperation,” Brösamle said. “Management remains with wpd and the notable capital increase will allow for the realisation and implementation of the wind farms. Furthermore, we are free for the additional increase of the project pipeline in these countries as well as for talks with other co-investors.”
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