Ørsted contracts with Castleton Commodities International LLC to divest its 50% share of the Enecogen power plant

Ørsted has entered into an agreement to sell its 50% ownership share in the Enecogen power plant in Rotterdam, the Netherlands, to a wholly owned subsidiary of Castleton Commodities International LLC (’CCI’).  The sale is subject to certain customary closing conditions, and closing is expected to take place in Q3 2018.

Facts on the Enecogen power plant

The Enecogen power plant in Rotterdam has a capacity of 870MW and is able to produce power for 1.4 million Dutch homes. It is the most efficient gas-fired power plant in the Netherlands and one of the most efficient in Europe. Until now, Eneco and Ørsted have each owned 50%. The plant went into commercial operation in January 2012.

 

About Castleton Commodities International LLC

CCI is a global commodity merchant with an integrated set of operations, consisting of the marketing and merchandising of commodities and the ownership, operations and development of commodities-related upstream and infrastructure assets. CCI markets a broad range of physical commodities, including electric power, natural gas, natural gas liquids, refined products, crude oil, fuel oil, freight, base metals, and petrochemicals. CCI is headquartered in Stamford, Connecticut, with offices in Calgary, Canada; Geneva, Switzerland; Houston, Texas; London, the United Kingdom; Shanghai, China; Singapore; and Montevideo, Uruguay.

 

For further information, please contact:

Castleton Commodities International LLC
Hill+Knowlton Strategies
Brian R. Brooks
+1 (713) 752-1901

brian.brooks@hkstrategies.com

Jasper Vis, Ørsted’s Country Manager in the Netherlands, says:
“Enecogen is a very well-run gas-fired power plant and among the most efficient in Europe. The divestment is a step in Ørsted’s strategy to divest non-core assets and focus entirely on green energy. We’ve been very satisfied with the operation of the power plant and our partnership with Eneco, and it’s been important for us to find a buyer who’ll be able to continue the good cooperation with Eneco and the employees at Enecogen. Therefore, we’re very satisfied with divesting our 50% share in Enecogen to CCI.”

 

Lucien Wiegers, Head of Eneco Energy Trade, says: “We are glad to welcome an experienced commodity and asset management party such as CCI as our new partner in Enecogen. Together we can further expand the solid market position that Eneco and Ørsted have built up for Enecogen since 2012.” 

 

Arie Pilo, CCI’s Head of European Power Investments, says: ”We’re pleased to work with Ørsted and to partner with Eneco as we continue to increase our activities in the rapidly changing European power market. We’re looking forward to closing this acquisition and adding this facility to our global power portfolio.”  

 

Following the divestment, Ørsted will no longer own power plants outside of Denmark. In Denmark, Ørsted owns and operates seven combined heat and power plants, two heat backup plants and one power backup plant. Most of the combined heat and power plants have already been converted or are currently being converted from being fossil-fueled to running entirely on sustainable biomass. 

 

As a consequence of the conversion of these power plants and the massive growth in Ørsted’s offshore wind farm business, the share of green energy in Ørsted’s heat and power production increased from 13% in 2006 to 64% by the end of 2017. Ørsted expects to be at 95% in 2023, and coal will have been phased out entirely.

For additional information, please contact Media Relations 

Carsten Birkeland Kjær +45 9955 7765