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U.S. investor eyes TenneT German power grid-magazine
FRANKFURT, Sept 29 |
FRANKFURT, Sept 29 (Reuters) - U.S. energy transmission developer Anbaric is mulling taking a stake in German power grid operator TenneT and wants to invest around $4 billion, a German magazine reported.
Anbaric's Chief Executive Edward Krapels has been touting his concept for the investment in meetings with Dutch Economy Minister Maxime Verhagen, German Economy Minister Philipp Roesler and German Environment Minister Peter Altmaier, Wirtschaftswoche magazine said on Saturday, citing sources close to the Dutch Economics Ministry.
Krapels was optimistic about prospects for the investment following his meetings with the ministers, the magazine said in a report released in advance of publication on Monday.
TenneT, whose Dutch parent bought E.ON's German high voltage grid in 2009, has come under political and financial pressure over delays in linking offshore wind parks to Germany's onshore grid, as part of the country's hurried shift toward renewable energy.
In the wake of Japan's Fukushima nuclear accident last year, Germany decided to ditch nuclear power fast and to have more than 10,000 megawatts (MW) of offshore wind capacity installed by 2020, compared with just 550 MW already installed.
TenneT has invested 6 billion euros ($7.72 billion) in offshore wind connections over two years, ensuring that 5.5 gigawatts (GW) or half of the planned total offshore capacity can be brought on shore.
It is also in talks with financial investors to bring in more money by buying stakes in cable projects, having secured two deals earlier this year with Mitsubishi Corporation .
TenneT on Saturday declined comment about possible interest from Anbaric.
"We're still in the process of finding investors and negotiations. It's too early to say anything at this stage," a spokeswoman said.
Germany's economy and environment ministries on Saturday said they had spoken with many investors and added they would not comment on individual names.
"The decision about which investor TenneT would like to work with is one for the company itself," said a spokeswoman for German Economy Minister Roesler.
Anbaric, which has experience in renewable energy, smart grids and undersea power cables on the U.S. Northeast coast and which has worked with Siemens, was not immediately available for comment.
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