Siemens and Tessenderlo Group sell part of stake in T-Power to Tokyo Gas
Munich, Germany - 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.
Siemens Project Ventures GmbH (SPV) is a company of Financial Services (SFS), the finance division of Siemens. Together with renowned partners, SPV has with equity capital contributions been involved worldwide in the development of infrastructure projects, particularly in the energy, transport and healthcare sectors. SPV has already participated in the development of 14 international power plant projects with an overall capacity of more than 8,000 MW as well as in three telecommunication projects, two medical centers and an airport, with a cumulative project volume of 10 billion USD.
The Financial Services division of Siemens is an international provider of financial solutions in the business-to-business area. The international network of financial companies coordinated by Siemens Financial Services GmbH, Munich, comprises more than 2,500 employees worldwide. Siemens’ Financial Services division supports Siemens as well as third-party organisations, with a particular focus on the Sectors of Energy, Industry and Healthcare. The unit finances infrastructure, equipment and working capital and acts as an expert manager of financial risks within Siemens. For more information see: www.siemens.com/finance
Tessenderlo Group is a worldwide specialty company, focused on food, agriculture, water management and on valorizing bio-residuals. The group employs over 7,000 people and is a leader in most of its markets, with a consolidated revenue of 2.4 billion EUR in 2010. Tessenderlo Chemie NV is listed on Eurolist by Euronext Brussels and is part of Next 150 and BEL Mid indices. Financial News wires: Bloomberg: TESB BB – Reuters: TesBt.BR – Datastream: B:Tes
Tokyo Gas is Japan’s largest city gas supplier with about 11 million customers. Tokyo Gas not only supplies city gas, but also sells gas appliances, provides installation work, and conducts many other businesses such as electric power business and participations in overseas LNG and mid-downstream projects.
Reference Number: SFS20110921e
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