Deal Watch: Europe

Reports on major debt, equity and M&A deals from Europe

• EU and Baltic TSOs sign grant agreement for Baltic grid synchronisation project

  March 20, 2019
  The three Baltic transmission system operators (TSOs)—Estonia’s Elering, Latvia’s Augstsprieguma Tikls (AST) and Lithuania’s Litgrid—have signed a grant agreement worth EUR323 million with the European Union’s (EU) Innovation and Network Executive Agency (INEA) in Brussels, for the co-financing of the first stage of the synchronisation of the Baltic power grids with the continental European electricity system.

• Polish operators sign agreement to develop electricity network for over PLN100 million

  March 4, 2019
  Poland’s transmission system operator (TSO) Polskie Sieci Elektroenergetyczne (PSE) and distribution network developers Enea Operator and Tauron Dystrybucja, have signed an agreement to coordinate the development of the electricity transmission and distribution network in western Poland.

• EC grants EUR3.6 million for development of Greenlink Interconnector

  February 18, 2019
  The European Commission’s (EC) 2018 Connecting Europe Facility (CEF) has granted a funding of EUR3.6 million towards the development of the Greenlink Interconnector project, an underground electrical link aimed at connecting power markets in the UK and Ireland.

• EIB lends EUR100 million to modernise Finland’s grid network [free access]

  February 7, 2019
  Finland’s transmission system operator (TSO) Fingrid has recently signed a EUR100 million loan agreement with the European Investment Bank (EIB), which will cover the former’s investment programme, through which it aims to rehabilitate and further develop its electricity transmission network.

• EU approves EUR323 million for power grid synchronisation project [free access]

  January 23, 2019
  The European Union’s (EU) Connecting Europe Facility (CEF) has allocated EUR323 million to finance the first stage of the synchronisation of the Baltic power grids with the continental European electricity system.

• Germany’s Siemens acquires non-controlling share in Italian Coelme Group

  December 17, 2018
  Germany’s equipment manufacturer Siemens and Coelme Group, an Italian-based subsidiary of US-based Southern States LCC—one of the leading manufacturers of high voltage disconnect switches, have agreed to Siemens acquiring a non-controlling minority shareholding of 25 per cent in Coelme Group.

• EIB lends EUR100 million to modernise Hungary`s transmission network

  October 9, 2018
  The European Investment Bank (EIB) has agreed to lend EUR100 million to the Hungarian power company Magyar Villamos Mvek (MVM) to modernise its power transmission network and upgrade Hungary`s power interconnection capacity with Slovakia.

• EC grants EUR100 million for 525 kV NordLink between Germany and Norway

  August 21, 2018
  The European Commission (EC) has signed a EUR100 million financing agreement with German transmission system operator (TSO) TenneT for the 525 kV NordLink, which the latter is jointly developing with Norway’s Statnett.

• KfW bank to purchase 20 per cent stake in TSO 50Hertz from Elia [free access]

  July 31, 2018
  Belgian transmission system operator (TSO) Elia System Operator SA plans to buy 20 per cent stake in German TSO 50Hertz Transmission GmbH from Australian investment manager IFM Global Infrastructure Fund, increasing the former’s stake in the German TSO to 80 per cent.

• EU allocates EUR10.8 million for grid optimisation in Lithuania

  May 18, 2018
  The European Union (EU) has allocated EUR10.8 million funding for the optimisation of the transmission grid in North-Eastern Lithuania, a project important for the synchronisation of the Baltic power grids with the Continental European network.

• Romanian TSO receives EUR2.2 million of EC’s grant for 400 kV Cernavoda–Stalpu line

  May 7, 2018
  Romanian power grid operator Transelectrica has received the first tranche of the EUR2.2 million grant from the European Commission (EC) to build a new 160-km-long, 400 kV line between Cernavoda and Stalpu.

• EBRD to lend EUR20.1 million to Bosnian TSO [free access]

  May 7, 2018
  The European Bank for Reconstruction and Development (EBRD) is planning to provide a corporate loan of up to EUR20.1 million to Bosnia's power transmission system operator (TSO) Elektroprijenos BiH, for the modernisation and upgradation of the telecommunications system of the company.

• EU clears acquisition of Eurogrid by Belgian Elia [free access]

  April 17, 2018
  The European Commission (EC) has given its approval, under the European Union (EU) Merger Regulation, to the acquisition of sole control of Eurogrid International by Belgium’s transmission system operator (TSO), Elia.

• Belgian Elia set to acquire 20 per cent stake in Eurogrid

  March 23, 2018
  The Belgian power transmission system operator (TSO) Elia is set to acquire another 20 per cent stake in Eurogrid, the holding company above the German TSO 50Hertz.

• Latvian TSO buys 16.05 per cent stake in Conexus Baltic Grid

  February 5, 2018
  Latvian transmission system operator (TSO) Augstsprieguma tīkls AS (AST) has purchased 16.05 per cent stake in the country’s unified natural gas transmission and storage operator Conexus Baltic Grid.

• EU allocates EUR680 million for electricity sector under CEF

  January 28, 2018
  The European Union (EU), under its Connecting Europe Facility (CEF), has granted EUR680 million for eight projects in the electricity sector, of which two relate to construction works, while six are studies.

• Estonian Elering borrows EUR200 million from local and Finnish banks

  January 15, 2018
  Estonian state-owned transmission system operator (TSO) Elering has entered into new loan facility agreements worth EUR200 million with local AS SEB Pank of Estonia and Finnish OP Corporate Bank plc to secure the refinancing of the current Eurobond that was issued in 2011 and will fall due on July 12, 2018.

• EU, EIB, EBRD and World Bank to fund 400 kV Moldova–Romania interconnection

  December 20, 2017
  The European Union (EU), the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), and the World Bank are providing a EUR270 million package to finance the interconnection project between Moldova and Romania.

• ABB and SNC-Lavalin form JV to undertake substation projects globally

  December 20, 2017
  Swedish-Swiss Company ABB and Canadian engineering services company SNC-Lavalin have signed an agreement to form a joint venture (JV) for the execution of engineering, procurement and construction (EPC) projects for electrical substations.

• EIB grants EUR130 million for 1,200 MW Italy–France interconnector [free access]

  July 26, 2017
  The European Investment Bank (EIB) has granted funding worth EUR130 million to Italy’s Terna Energy Group for the Piedmont–Savoy link between France and Italy.