EnBW Negotiates $3.3 bn Capital Increase with Shareholders

16 Sep 2024 CW Team

EnBW is currently negotiating with its major shareholders regarding a potential capital increase of approximately $3.3 billion. This capital infusion is intended to support the company's expanded investments in Germany's energy transition. According to a statement released by the company, any decision about a possible share issue will be determined by the shareholders at the annual general meeting, based on a proposal from the group's management and supervisory boards.

Following the announcement, EnBW's shares, which have a free-float of only 0.39 per cent, saw an increase of 2.1 per cent. The company, predominantly owned by the German state of Baden-Württemberg and local municipalities, indicated that its investments in energy projects could rise to around 50 billion euros by 2030, an increase from the previously expected minimum of 40 billion euros.

The group noted that these investments would include new wind and solar parks, hydrogen-ready gas power plants, expansion of the energy grid, and the development of electric mobility. EnBW explained that these plans necessitate above-average capital requirements that cannot be met by operating income alone. The management is, therefore, exploring financing options given the historically high investment levels.

Additionally, EnBW is utilizing its access to capital markets to raise funds through debt markets, with the support of favourable credit ratings. The company has obtained long-term issuer ratings of Baa1 and A- from Moody's and Standard & Poor's, respectively.

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