Vattenfall has completed the sale of its lignite operations in Germany, one week after the company received approval from the EU Commission.
Vattenfall announced in April it had found a buyer for its fossil fuel power plants and mines in the east German states of Brandenburg and Saxony.
A Czech consortium of energy company EPH and PPF Investments has now taken control.
The European Commission on 22 September gave its nod to the deal, saying the move “would not adversely affect competition in the relevant markets”.
The sale is part of Vattenfall’s move to pull out of the sector amid a shift to renewables.
EPH is to take over assets, including cash, worth SKR 15bn (€1.6bn), as well as liabilities and provisions totalling Skr18bn.
Image: Lippendorf lignite power plant in Germany (Kathrin Rößler?/Vattenfall)
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