Deal Watch: Europe

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

• 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.

• Polish TFKable to acquire UK’s offshore specialist JDR Cable Systems

  July 17, 2017
  Polish cable giant Tele-Fonika Kable (TFKable) is in the process of acquiring the UK’s offshore specialist JDR Cable Systems in an undisclosed deal that is subject to regulatory approval.

• EIB extends EUR100 million for two Belgium projects

  July 5, 2017
  The European Investment Bank (EIB) has agreed to extend a seven-year loan worth EUR100 million to Belgian transmission system operator (TSO) Elia, for connecting renewable energy and integrating the European energy system.

• Irish and French TSOs receive EC’s EUR4 million grant for Celtic Interconnector

  July 3, 2017
  Irish and French transmission system operators (TSOs) – EirGrid Plc and Reseau de Transport d'Electricite (RTE), have received EUR4 million from the European Commission (EC) for the Celtic Interconnector project between the two countries.

• Italy’s Terna signs EUR85 million loan agreement with EIB [free access]

  June 27, 2017
  Italy’s transmission system operator (TSO) Terna Rete Italia S.p.A. has signed an agreement with the European Investment Bank (EIB) for a loan worth EUR85 million, with a maturity of 22 years.

• Norwegian TSO secures EUR300 million loan for 525 kV NordLink

  June 5, 2017
  The European Investment Bank (EIB) has announced additional funding for the ±525 kV high voltage direct current (HVDC) NordLink—the first interconnection between Germany and Norway across the North Sea.

• EU signs grant agreement for SINCRO.GRID project

  May 24, 2017
  The European Union (EU) has signed a EUR40 million grant agreement with Croatian and Slovenian transmission and distribution companies for funding for the first phase of their joint SINCRO.GRID project.

• Croatian Koncar acquires 74 per cent stake in Polish PET

  May 10, 2017
  Croatian power transformer manufacturer Koncar D&ST has signed a deal to acquire a 74 per cent stake in Polish company Power Engineering Transformatory (PET).

• Germany’s KfW Bank extends EUR125 million for Georgia’s grid expansion plans

  April 17, 2017
  Germany’s KfW Development Bank has extended a concession credit worth EUR125 million to Georgia’s Joint Stock Company (JSC) Georgian State Electrosystem (GSE) for power network expansion and modernisation in Georgia. The loan agreement between the two parties was signed on April 13, 2017.

• EIB announces EUR350 million loan for 525 kV NordLink [free access]

  April 3, 2017
  The European Investment Bank (EIB) has announced a loan worth EUR350 million for the ±525 kV high voltage direct current (HVDC) NordLink, first interconnection between Germany and Norway across the North Sea.

• EU approves acquisition of French RTE’s 49.9 per cent by CDC

  March 27, 2017
  The European Union (EU) has approved the acquisition of 49.9 per cent stake in French power transmission company Réseau de Transport d'Électricité (RTE), by Caisse des Dépôts et Consignations (CDC), a local public sector financial institution.

• EU allocates EUR4 million for Celtic interconnector under CEF [free access]

  February 23, 2017
  pean Union (EU) has allocated EUR4 million from the Connecting Europe Facility (CEF) to the Celtic Interconnector project between Ireland and France, proposed by Ireland’s and French transmission system operators (TSOs) EirGrid and Réseau de Transport d’Électricité (RTE), respectively.

• German KfW bank grants EUR1.2 million for Georgia's Grid Enhancement Project

  December 26, 2016
  German KfW Development Bank has awarded a grant of EUR1.2 million to Georgia's Joint Stock Company (JSC) Georgian State Electrosystem (GSE) for the Power Grid Enhancement Project, which aims at strengthening the transmission infrastructure in Georgia.

• French utility EDF to sell 49.9 per cent stake in transmission company RTE

  December 16, 2016
  France's state-controlled utility Electricite de France (EDF) has signed a binding agreement with state-owned bank Caisse des Depots and its unit CNP Assurances to sell half its stake (49.9 per cent) in French power transmission company Réseau de Transport d'Électricité (RTE).