Cleary Gottlieb is representing EDF in connection with an extensive swap of electricity drawing rights and generation capacities between EDF, EnBW and E.ON in Germany and France. The transaction, which implements commitments entered into by E.ON vis-à-vis the European Commission in the context of the settlement of an antitrust investigation against E.ON, is expected to close at the end of the year. The parties have agreed to keep the financial details of the transactions confidential.
As part of the transactions, EDF is selling its 18.75% stake in SNET, France’s third largest electricity supplier. Together with the concurrent sale of a 16.25% stake in SNET held by Charbonnages de France to E.ON, the transactions will make E.ON the sole shareholder in SNET.
EnBW, Germany’s third largest energy supplier which is jointly controlled by EDF and a group of German municipalities, is acquiring drawing rights for 800 MW of nuclear energy in Germany from E.ON, E.ON’s majority shareholding in a coal-fired power plant in Rostock as well as a drawing right for 159 MW from E.ON’s coal-fired power plant in Buschhaus. E.ON, on the other hand, will take over drawing rights for 800 MW from nuclear power plants owned by EDF in France.