An interdisciplinary team of BDO AG Wirtschaftsprüfungsgesellschaft ('BDO') has assisted Hamburger Energiewerke GmbH ('HEnW') in the acquisition of Vattenfall Heizkraftwerk Moorburg GmbH: HEnW now intends to establish a Green Hydrogen Hub at the site of the Moorburg coal-fired power plant, which was operated by Vattenfall but has since been decommissioned.
The Moorburg site is ideally suited for the construction of the Hamburg Green Hydrogen Hub (HGHH), as it is already connected to a high-voltage line and is close to the port industry. For this purpose, the construction of an electrolyzer with a capacity of 100 megawatts and the possibility for future expansions is planned. According to the current status, the first hydrogen is to be produced in 2026 using renewable electricity from wind and solar parks.
The goal of HEnW as well as its partner companies is to decarbonize the entire port industry. HEnW, with its Hamburg Energie brand, has already been supplying electricity to its customers from 100% renewable sources since 2009. The planned investments also serve the self-imposed goal of generating all district heating coal-free by 2030 and climate-neutral by 2045.
Christian Heine, Spokesman of the Management Board of HEnW: "We are pleased that we are now a step closer to our goal. The acquisition of Vattenfall Heizkraftwerk Moorburg GmbH is an important step for us! We are all the more grateful for BDO's support and comprehensive and competent advice."
And André Horn (Partner Corporate Finance/Head of Industry Center Energy) from BDO says: "We are pleased to have been able to support this important and forward-looking project. The project has an almost symbolic character - a coal-fired power plant is making way for an electrolyzer. For Hamburg, this project is a great opportunity to show that energy transition also works in an industrial city."
Under the leadership of André Horn, BDO with teams from Corporate Finance, Transaction Tax (led by Dr. Michael Brauer) and BDO Technik- und Umweltconsulting GmbH (led by Dr. Kai Steffens) provided comprehensive advice to HEnW over the past months, conducting financial and tax due diligence and advising on the transaction structure, the purchase process and the purchase agreement negotiations from a financial and tax perspective.