Eneco strengthens its sustainable course with new shareholders
Eneco strengthens its sustainable course with Mitsubishi Corporation (80%) and Chubu Electric Power (20%) as new shareholders. This way, we can fully execute on what we are already doing for our customers: generating and supplying sustainable energy and heating and providing sustainable energy services.
Everyone’s sustainable energy
Eneco's mission will continue to stand strong: to enable everyone's sustainable energy. And we do this by helping customers to switch to more sustainable, smarter and cleaner energy, in all countries in which Eneco is active: the Netherlands, Belgium, Germany and the United Kingdom.
Further international development
With the consortium, Eneco is able to further expand on the execution of its strategy. Mitsubishi is a global player with strong ambitions in the area of the energy transition. With support of their knowledge and financial resources, Eneco will have ample opportunity to expand in Europe and elsewhere.
Who are the new shareholders?
Mitsubishi is no stranger to Eneco. Eneco and Mitsubishi have been working together successfully since 2012; for instance in the wind farm Luchterduinen. In Northern Germany, we recently built the largest battery in Europe. Eneco and Mitsubishi are also partners in the development of Norther, a new wind farm off the Belgian coast. These are all examples of how the partnership with Mitsubishi ensures that more and more sustainable energy is becoming available. Just like Eneco, Chubu is also an energy company, the third largest in Japan. They will obtain a minority interest of 20%.
What does this mean for Eneco's customers?
Nothing will change for our customers. Customers will remain customer of Eneco and its subsidiaries and can continue to count on our sustainable products and services. Eneco will continue to exist as a brand, as will the other brands of Eneco. Eneco remains intact as an integrated and independent Dutch energy company, with its head office in Rotterdam and with all our employees who are dedicated to working hard for our customers day in day out.
What is the next step?
The 44 municipal shareholders will be given the opportunity to take a final decision on the sale of their shares in Eneco. Furthermore, the transaction is subject to approval of the relevant authorities. It is expected that the process can be finalised before the summer of 2020.
The course of events
At present, Eneco is owned by 44 Dutch municipalities. Over 95% of the municipalities have expressed the intention to sell their shares in Eneco. It was a joint decision of the shareholders committee, Supervisory Board and Board of Management of Eneco to carry out the privatisation of Eneco through a controlled auction. Bidding parties were assessed on a.o. a fair market price, deal certainty, the continuation of Eneco's sustainable strategy and employment, within the statutory framework that applies to privatisations.
What consequences will this have for Eneco’s governance?
Eneco will remain intact as an integrated and independent Dutch energy company with its head office in Rotterdam. After successful completion of the proposed transaction, Eneco’s current board model will be maintained. A representative of Mitsubishi (to be announced) will join the Management Board. Eneco will maintain its full large company regime, with its own supervisory board consisting of seven members. Two independent supervisory board members, nominated by the central works council, will monitor the execution of the additional covenants.