Siemens and Tessenderlo Group sell part of stake in T-Power to Tokyo Gas
Munich, Germany, 2011-Sep-21
Siemens Project Ventures and Tessenderlo Group (NYSE Euronext: TESB) announced today they each have sold 13.33% of T- Power shares, reducing their participations from 33.3% to 20% each. Tokyo Gas will as a result acquire 26.66% interest in T- Power, an Independent Power Producer, whose 425 MW natural gas fired power station is located in Tessenderlo (Belgium).
Since June 15, 2011 T-Power has started commercial operations under a tolling agreement with RWE group, a major power company headquartered in Germany, for a minimum period of 15 years.
Both Siemens Project Ventures and Tessenderlo Group have been supporting T-Power through the development and construction phases of this highly important project for energy generation in Belgium. By reducing their participation in this newly commissioned power plant, both companies allow entrance for other investors. Tessenderlo Chemie and Siemens Project Ventures look forward to Tokyo Gas' added value and strategic partnership in T-Power project.
The transaction is still subject to approval by the authorities, other shareholders rights, and 3rd party consents. It is independent of International Power's planned divestment of T-Power.
Tokyo Gas participates for the first time in power generation in Europe. It is Tokyo Gas' mid-term strategy to spend a total of 150 billion yen (approximately 1.4 billion euro) for investments in upstream/overseas projects. ?