The transaction is worth €400m, reports said.
China Southern Power Grid (CSG) bought a 25.48% minority stake in European utility company Encevo S.A., private investment firm Ardian revealed. Reports from The Paper said the deal is worth €400m.
According to Ardian's official announcement, Luxembourg-based Encevo operates in several different energy business fields through its two subsidiaries, Creos and Enovos Luxembourg. Creos manages electricity and gas grids whilst Enovos Luxembourg is responsible for the sale of energy to its clients in Luxembourg and Germany.
The company also holds interests in energy production assets, most notably in the renewable energy sector (wind, biogas, solar, and hydro).
Since Ardian’s investment in 2012, Encevo has implemented a €1b investment programme, which covers renewables and energy services in Luxembourg and Germany. Looking ahead, Encevo is interested in industrial partnerships, such as with CSG.
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