UK - Vattenfall acquires AMEC Wind Energy ltd

Vattenfall AB, the fifth largest electricity generator in Europe, announced the acquisition of 100% of AMEC Wind Energy Limited a major UK developer of commercial wind farms for cash consideration of around GBP 126.6 million.

According to the release, this move positions Vattenfall to further expand its presence in the UK market and to advance its efforts to make electricity clean by reducing emissions from electricity production and to increase electricity production from renewable energy. Vattenfall and AMEC have also entered into a strategic alliance in the development of energy projects with increased efficiency and lower carbon emissions in addition to a framework agreement with the aim to develop the existing wind projects in the AMEC portfolio being acquired by Vattenfall and to develop new wind projects in the UK.

Mr Lars G Josefsson CEO of the Vattenfall Group said "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 for renewable energy. The UK is a prime target market for future renewables growth, due to its well-functioning support systems, a deregulated and competitive market for electricity and openness to foreign investment. AMEC Wind is a sound company with long experience within this field and has developed important projects in line with our business and ambitions. Vattenfall sees the economics of the UK wind sector being attractive as the UK also benefits from high wind speeds, providing wind farms in the UK with higher load factors than wind farms in much of Continental Europe.“

Mr Samir Brikho CEO of AMEC said: “This is an excellent deal for both AMEC and Vattenfall. We are delighted to be working with Vattenfall as they build their position in the UK wind energy market. This is an area of national importance and together we look forward to making a significant contribution towards the UK’s targets for energy from renewable sources.”