Chinese power company acquires 25% stake in European utility
China Southern Power Grid (CSG), a Chinese state-owned power grid company, has agreed to buy 25.48% stake in the European utility company Encevo from the private equity firm Ardian, reports Compelo.
Based in Luxembourg, Encevo has two subsidiaries – Creos and Enovos Luxembourg – which manage the sale of energy to clients across Luxembourg and Germany.
The company also owns stakes in energy generation assets, particularly in the renewable energy sector that includes wind, biogas, solar and hydropower.
Recently, a new strategic plan has been put into force at Encevo, including an investment of €1 billion, focusing on increasing its investments in renewables and energy services, especially in Luxembourg and Germany.