In May of this year, Alpiq announced its intention to divest its financial interest in Swissgrid AG. In a first step, a CHF 75 million tranche of the shareholder loan was successfully transferred to institutional and public investors in Switzerland whilst Alpiq retains the embedded conversion rights. Completion still requires approval by the Board of Directors of Swissgrid which is expected before the end of this year.
Sale proceeds will be used to further reduce net debt and for investments in new growth areas under the framework of the Alpiq Group strategy.
At the beginning of 2013, Alpiq transferred its share in the Swiss high voltage grid to the national grid operator Swissgrid as required by law, in return for loans and shares, and currently holds a share of 34.7% in Swissgrid.