Vattenfall announced the acquisition of Warmtebedrijf Rotterdam (WbR)

10 Oct Vattenfall announced the acquisition of Warmtebedrijf Rotterdam (WbR)

Axeco Corporate Finance is pleased to have advised Gemeente Rotterdam and Provincie Zuid Holland.

Vattenfall, one of Europe’s largest producers and retailers of electricity and heat, has successfully acquired Warmtebedrijf Rotterdam. Warmtebedrijf Rotterdam makes use of the large amount of port heat which is released by the energy-intensive industry in the port of Rotterdam,  to offer consumers and heat suppliers energy efficient heat. The total purchase price for the shares was SEK 239 million, and the fair value of total net assets acquired is SEK 239 million. Vattenfall and Rotterdam have concluded a Public Interest Agreement by transferring from the public parties (Municipality of Rotterdam and Province of Zuid Holland) to the Swedish state-owned company Vattenfall.  By taking into consideration the affordability, sustainability, security of supply and accessibility of heat and the heat network, Vattenfall is committed to safeguarding the public interest of heat costumers in Rotterdam.

“With the acquisition of WbR, we ensure that the transport and supply of heat from the port to heat customers in Rotterdam district networks is guaranteed”
Alexander van Ofwegen, director of Heat at Vattenfall

“With the signing, we are completing an important dossier in Rotterdam. At the same time, we are entering into an intensive and long-term partnership with Vattenfall to continue to safeguard the interests of the people of Rotterdam. This creates a new perspective for the heat transition in Rotterdam in special times.”
Chantal Zeegers, alderman for Climate, Building and Housing in Rotterdam

About Vattenfall

Vattenfall is a leading European energy company with approximately 19,000 employees that for more than 100 years has electrified industries, supplied energy to people’s homes and modernized their way of living through innovation and cooperation. Currently, Vattenfall with about 2.0 million heat customers aims to make fossil-free living possible within one generation. Therefore, Vattenfall is driving the energy transition to a more sustainable energy system through growth in renewable production and climate smart energy solutions for our customers. The parent company of the Vattenfall Group, Vattenfall AB, is a non-listed company, 100% owned by the Swedish state. Vattenfall finances its operations by own generated cash flow and external funding, mainly in the form of corporate bonds. Vattenfall has a committed Revolving Credit Facility of EUR 2 billion.

About Warmtebedrijf Rotterdam

Warmtebedrijf Rotterdam, founded in 2006, is responsible for the transport and supply of residential heat from the port of Rotterdam to the district heating network of the city of Rotterdam.  It consists of two companies: Warmtebedrijf Infra NV and Warmtebedrijf Exploitatie NV. Both companies have a clear task of their own but work closely together towards the same goal: to reduce the use of fossil fuels through optimal use of harbor heat. Together, they ensure that the available port heat from the port of Rotterdam is transported to Rotterdam and the surrounding area via an efficient and modern heat transport network. There, the port heat is made available to industry and district heating, so that it can be used sustainably.