Alpiq successfully concludes the sale of its interest in AVAG on 7 July 2016. The buyer is a consortium comprising EBM Netz AG, Städtische Betriebe Olten and UBS Clean Energy Infrastructure Switzerland. Alpiq will use the proceeds of CHF 312 million to further reduce net debt.
In November 2015, Alpiq announced that it was reviewing the possibility of divesting its interest in Alpiq Versorgungs AG (AVAG) in Olten. Alpiq held an interest of 96.7 per cent in AVAG. The sale to a consortium comprising EBM Netz AG, Städtische Betriebe Olten and UBS Clean Energy Infrastructure Switzerland was successfully concluded on 7 July 2016. Alpiq generated revenues of CHF 312 million from the divestment and intends to use these proceeds to further reduce net debt.
Alpiq is continuing to consistently implement the Group’s transformation. In this context, the top priority is ensuring capital market viability. With the opening of up to 49 per cent of the hydropower portfolio to new investors, Alpiq is reducing its dependency on wholesale prices and decreasing net debt. In addition, opportunities to divest other non-strategic interests will be assessed and consistently implemented. The already initiated cost reduction programme and revenue improvement measures will be rigorously pursued. Energy trading and energy services offer growth potential and will be further developed in line with financial resources.
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Lukas Oetiker - Investors
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