Baker Tilly Advises EnBW on the Sale of Its Swedish Renewables Business

The international advisory and audit firm Baker Tilly is supporting EnBW Energie Baden-Württemberg AG (EnBW) in the sale of its Swedish wind and solar operations to the Danish renewable energy developer Eurowind Energy A/S (Eurowind Energy). The transaction is based on an agreement signed in July between EnBW and Eurowind Energy covering EnBW Sverige AB, including its existing portfolio of onshore wind farms as well as an extensive project pipeline for wind, photovoltaic, and battery storage projects in Sweden.

A Baker Tilly team led by Dortmund-based Legal Partner Alexandra Sausmekat (Corporate/M&A, Tax) is coordinating the tax advisory work for the energy group across multiple jurisdictions. Tax advice on the Swedish side was provided by a team led by Tord Fredriksson (Partner) of the law firm HELM Tax. The transaction highlights Baker Tilly’s international transaction capabilities in the energy and infrastructure sectors.

With the sale of EnBW Sverige AB, EnBW is withdrawing from the development and operation of wind and solar projects in the Nordic markets in order to focus its resources more strongly on its core markets and the transformation of Germany’s energy infrastructure.

Completion of the transaction remains subject to the customary regulatory approvals. The parties have agreed not to disclose the purchase price.

About EnBW

With approximately 31,500 employees, EnBW is one of the largest energy companies in Germany and Europe. The company supplies energy to around 5.5 million customers and operates across the entire energy value chain, from generation and trading to transmission and distribution, as well as the sale of electricity, heat, and gas. As part of its transformation from a traditional utility provider into a sustainable infrastructure company, the expansion of electricity, gas, and hydrogen distribution and transmission networks, together with the growth of renewable energy generation, represents a key element of EnBW’s growth strategy and investment focus. By 2030, EnBW plans to invest up to EUR 50 billion, approximately 85% of which will be invested in Germany. By that time, around 80% of EnBW’s generation portfolio is expected to consist of renewable energy sources. These milestones are central to the company’s goal of achieving net-zero greenhouse gas emissions from its own operations by 2040.