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The Swiss Deals team is pleased to announce the planned takeover of ECOGEN Rigi Genossenschaft (“ECOGEN”), a local district heating network, and the majority acquisition of AGRO Energiezentrum Rigi AG (“AGRO”), a Swiss provider of renewable electricity, heat, and wood pellets, by EBL (Genossenschaft Elektra Baselland) (“EBL”), a leading Swiss energy provider. PwC acted as Lead Advisor to EBL and provided financial and tax due diligence services, as well as tax structuring and valuation advice.
Founded in 2013, AGRO is committed to regional energy independence and sustainable energy production in Central Switzerland. By using innovative technologies and local wood waste, the company generates renewable electricity, heat and wood pellets. The generated heat is delivered to several customers such as the local district heating network operated by ECOGEN. The network currently under construction supplies this heat to Küssnacht, Adligenswil and the surrounding communities, strengthening the region's sustainable energy infrastructure.
With over a century of experience in the energy sector and annual revenues of c. CHF 300 millions, EBL specializes in the development, construction, and operation of renewable energy projects. Among a diverse portfolio of wind, solar and biomass energy assets across Europe, the company operates a large district heating networks, supplying 25’000 households with a capacity of 178 MW.
The transaction ensures the seamless continuation of the local heat supply and supports the long-term expansion of the district heating network. By combining regional roots with national expertise, this marks a milestone in sustainable Swiss energy provision.
The transaction was signed and announced on December 19, 2024 (EBL press release). Closing is planned for end of January 2025.