Vattenfall acquires AMEC Wind Energy

STOCKHOLM, SWEDEN, October 7, 2008. Vattenfall AB is acquiring 100% of AMEC Wind Energy Limited, a major UK developer of commercial wind farms for around £126.6 million.

Vattenfall and AMEC have also entered into a strategic alliance for the development of energy projects in addition to a framework agreement with the aim to develop the existing wind projects in the AMEC portfolio and to develop new wind projects in the UK.

Vattenfall says it aims to produce approximately 50 TWh of wind power by 2030, and to reach climate neutrality by 2050.

The UK is seen as a key market for future growth and Vattenfall is aiming at playing an important role in new offshore wind power projects around the UK in Round 3 for offshore wind.

AMEC Wind owns one of the largest wind development portfolios in the UK with a potential of 573 MW. Its onshore portfolio in the UK represents 6.5% of UK consented and in-development onshore projects, while its Scottish onshore portfolio represents 9.9% of Scottish consented and in planning onshore projects.

Should all of the projects be realized, the net annual production of the portfolio would be approximately 2 TWh.

Commenting on the acquisition, Lars G. Josefsson, Chief Executive Officer of the Vattenfall Group says: “The UK is a prime target market for future renewables growth, due to its well-functioning support systems, a deregulated and competitive market for electricity and openness to foreign investment… Vattenfall sees the economics of the UK wind sector being attractive as the UK also benefits from high wind speeds, providing wind farms in the UK with higher load factors than wind farms in much of Continental Europe.”

Vattenfall already owns and operates the Kentish Flats offshore wind farm in the UK, which has a capacity of 90 MW, and has recently announced its intention to make an offer to acquire Eclipse Energy which is currently developing several wind projects in the UK with the potential of over 200 MW from renewable energy.

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