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Statkraft to acquire 50% stake in German energy retailer enQu

EBR Staff Writer Published 29 September 2017

Statkraft, a Norwegian state-owned hydropower company, has forayed into German energy retail sector by agreeing to buy a stake of 50% in enQu for an undisclosed price.

enQu is an energy retailer serving thousands of private and commercial customers across Germany. The investment from Statkraft is expected to support further expansion of enQu.

Statkraft says that its partnership with the German electric utility is to jointly grow in the energy retail business in the country. In the future, it also aims to deliver power and gas to households along with medium and larger commercial customers.

For the medium term, the partners are likely to offer services in decentralized energy supply, for example solar panels, batteries or e-mobility solutions.

Statkraft new markets senior vice president Torsten Amelung said: “The acquisition of 50 percent of enQu is part of our growth strategy in the field of decentralized energy services and end-customer business.

“With enQu we found a partner who, like Statkraft, is committed to fair pricing and professional customer service.”

The partnership will be injected with capital from the Norwegian state-owned company along with its vast experience in the energy market.

According to Statkraft, enQu offers excellent relations to customers and market partners, and brings with it a small organization that is efficiently managed.

enQu managing director Joachim Schwarten said: “We have been planning a comprehensive re-launch of our services for a long time.

“Despite our strong expertise in the energy business and related processes, it isn’t easy for a small company to reach commercial customers and facilitate rapid growth. In the partnership with Statkraft, we are supporting and supplementing enQu in terms of financial strength and sustainability."

The transaction would need approval by the relevant anti-trust authority.

In another development, Statkraft has agreed to swap shares with Norfund in their o-owned international hydropower assets.