Energy company Aare-Tessin Ltd. for Electricity (Atel) has closed the deal previously announced in October 2005 to acquire a 100pc stake in Czech power station Moravske Teplarny. The change of ownership went through on 20 December 2005.
Atel will take over full ownership of the Moravske Teplarny combined heat and power plant in the eastern part of the Czech Republic from the American energy group owned by Cinergy Holdings B.V. Located near the town of Zlin, the plant produces and supplies electricity, process heat and district heating. The primarily coal-powered plant Moravske Teplarny has a combined capacity of 66 MW of electrical power and 377 MW of thermal power. The acquisition will allow Atel to expand its position as an important energy service provider in Central/Eastern Europe.
Atel and Cinergy Holdings B.V. signed the acquisition agreement in October 2005. After having received all approvals by the authorities, the closing and subsequent transfer of shares was effective on 20 December 2005.
Aare-Tessin Ltd. for Electricity Corporate Communications
Aare-Tessin Ltd. for Electricity (Atel)
Aare-Tessin Ltd. for Electricity (Atel) is the leading production-based energy service provider in Switzerland and operates at a pan-European level. Founded in 1894, Atel focuses on the two core businesses of production-based Energy Trading and Energy Services. The group of companies, domiciled in Olten, employs a staff of around 8000 and generated a turnover of CHF 7 billion in 2004. Its main markets in the energy sector are Switzerland, Italy, Germany and the Central and Eastern European countries. Its goods and services range from portfolio management and group energy supplies, to energy derivatives and option contracts, to establishing distribution concepts involving other partners. Trading and distribution are supported by a number of proprietary hydraulic and thermal power stations plus a broadly ramified transmission grid. With its Energy Services Division, Atel provides all technical services pertaining to energy (electricity, gas, oil and biomass) and its uses as power, lighting, cooling and heating, communication and security. Atel is among the leading providers of Energy Services in both Switzerland and Germany.