State owned Swedish energy utility, Vattenfall is selling two German waste to energy power plants - Lauta and Rüdersdorf to STEAG.
STEAG is a jointly owned German utility formed by seven municipal companies from the Ruhr area. Vattenfall explained that STEAG already has a 25.1% stake in the Lauta power plant.
The Swedish firm currently owns the other Rüderstorf plant outright. Both plants have a waste incineration capacity of 475,000 tonnes per year.
"Vattenfall is taking a further step in its strategic redirection, focusing in Germany on the expansion of wind power, heat in Berlin and Hamburg, on distribution networks and on local energy services,” commented Tuomo Hatakka, senior vice president for Vattenfall's Business Area Heat.
The transaction is expected to be completed during the first half of next year after the approval by the Supervisory Board of Vattenfall GmbH in December.
Vattenfall added that German anti-trust authorities have already approved the deal.
The two parties have agreed not to disclose the financial details of the transaction.
The two plants have approximately 100 employees.
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