Deal Watch: Europe

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

• 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.

• 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.