Eurogrid receives 250 million euros of equity by its shareholders
Berlin (05 August 2022)
Elia Group NV/SA and Kreditanstalt für Wiederaufbau (“KfW”) have, through their respective subsidiaries (Eurogrid International NV/SA and Selent Netzbetreiber GmbH), provided an amount of €250 million euros as a contribution to the capital reserves of Eurogrid GmbH, which holds full (100%) ownership of 50Hertz Transmission GmbH.
Marco Nix, CFO at 50Hertz: “With this measure both shareholders strengthen the liquidity and balance sheet, expressing their ongoing and sustainable commitment to Eurogrid and 50Hertz and strongly supporting by this co-financing action 50Hertz’ plans for the further expansion of the power grid facilitating the energy transition. In the coming five years 50Hertz is planning significant investments in grid infrastructure to ensure that 100% of the power consumption across its grid area will be covered by renewable energy by 2032.