Virya Energy finalises the sale of its offshore wind energy activities to JERA

HALLE, 26 JULY 2023 – On 22 March 2023, Virya Energy reached an agreement with JERA Green Ltd, a subsidiary of JERA Co., Inc., to sell 100% of the shares of Parkwind NV, Virya Energy’s offshore wind energy platform. Approval by the relevant competition and other regulatory authorities has been obtained and today, 26 July 2023, the sale of Parkwind to JERA was successfully completed.

The final price is approximately EUR 1,6 billion (net of debt and transaction costs) at the level of Virya Energy. Virya Energy intends to reinvest a limited part of that amount in Parkwind’s Belgian wind farms. The terms of such potential reinvestment are currently being discussed in good faith by Virya Energy and JERA.

The completion of the transaction will lead to a very large one-off positive effect in the consolidated net result of Colruyt Group in the financial year 2023/24. That effect is estimated at EUR 650 million to EUR 700 million. As per 31 March 2023, the net carrying amount of Virya Energy in the consolidated figures of Colruyt Group amounted to EUR 466 million (to a large extent attributable to Parkwind). Both the estimated effect and the carrying amount are based on Virya Energy’s last published closing date, i.e. 31 December 2022, and are therefore yet to be updated per 30 June 2023.

Virya Energy has the ambition to continue to invest in other technologies besides onshore wind energy, such as solar and hydrogen, and to extend its scope to new activities and new geographies. Part of the cash inflow from the sale of Parkwind will be used towards that purpose. The balance, and expectedly the largest part of the cash inflow, will be allocated to Virya Energy’s shareholders and thus also to Colruyt Group, which holds a 59,94% stake. The exact amount as well as the distribution method will be determined in consultation with Virya Energy in the coming months.

Colruyt Group intends to provide further information on how the amount to be allocated to the group will be used at the General Meeting of Shareholders to be held on 27 September 2023.