bpv BRAUN PARTNERS advised the CREDITAS Group on the acquisition of a 100% stake in the British energy group InterGen. The sale was completed in these last few days of January and was subject to the usual regulatory approvals.

The parties have agreed not to disclose the transaction volume, yet given the parameters, this is one of the largest Czech energy transactions in recent years.

“I am thrilled that my team and I were given a chance to participate in such a unique and truly grandiose project – a fact that confirms our leading position in the field of energy law” said David Vosol, partner of bpv BRAUN PARTNERS.

CREDITAS Group, active in the energy sector since 2013 and owned by Pavel Hubáček, one of the most successful business owners in the banking sector, primarily targets ownership interests in companies engaged in the production, distribution and trading of electricity, gas and heat. Its energy division UCED is the fourth largest energy distributor in the Czech Republic. In addition to energy distribution, it focuses on electricity and heat generation and is also a major provider of power balance services and strives to be the leader of the decentralised energy sector in the country. It plans to operate a virtual power plant in the Czech Republic with a capacity of 1,000 MW by 2030. The virtual power plant will aggregate not only renewable sources but also gas-fired power plants enabling the combustion of hydrogen as the energy source of the future.

InterGen is a world-class developer, owner and operator of power generation facilities with over 25 years’ experience in global energy markets. InterGen is one of the largest independent power producers in the United Kingdom with around 2,800 megawatts in operation between three combined cycle gas turbine plants and one open cycle gas turbine plant. InterGen’s UK portfolio also includes the 450-megawatt ‘Gateway Energy Centre’ battery energy storage system development project, which was awarded a 15-year capacity market agreement in February 2022, due to commence operations in 2025, together with similar battery energy storage system projects.

With this transaction, CREDITAS Group takes over the local business in the United Kingdom, making the company one of the most important independent local power producers.

Legal advice was provided by our energy law team consisting of partners David Vosol and Marc Müller, supported by David Plevka, Michal Fógel and Pavel Březina.

The CREDITAS Group advisory team led by Ernst & Young (transaction advisory and support in financial and tax due diligence) and bpv BRAUN PARTNERS included Watson Farley & Williams (all legal matters under UK law), while the seller was advised by Herbert Smith Freehills (legal advisors) and Greenhill & Co (financial advisors).