Austrian utility Verbund AG has agreed to sell a 40% share of its ownership in a collection of hydropower plants in the Tyrol region to generation and distribution company Tiroler Wasserkraft AG.
Located in the western Austrian state of Tyrol, the 11 conventional and pumped-storage hydroelectric projects affected by the sale have a cumulative output capacity of 1,352 MW, with the most notable being the 360-MW Hausling, 355-MW Mayrhofen, 231-MW Rosshag and 200-MW Gerlos plants.
The transaction reduces Verbund‘s stake in the Tyrol plants from 50% to 10%, while increasing TIWAG’s interest to 76%. Switzerland’s Engadiner Kraftwerke AG holds the remaining 14%.
Financial terms of the deal were not disclosed, but Verbund reportedly has an option to increase its share in the Tyrol plants to 25% by 2018.
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