By Monica Houston-Waesch
FRANKFURT--German energy firm EnBW Energie Baden-Wuerttemberg AG
(EBK.XE) on Thursday said the creditors of the insolvent wind
energy company Prokon Regenerative Energien GmbH have rejected its
offer, opting to restructure the company themselves.
In May, EnBW offered 550 million euros ($611 million) for
Prokon.
In a statement, EnBW said it believed the the two companies
would have fitted well together. "We wish the company Prokon, its
employees and owners well and much success in the future," EnBW
said.
EnBW said it would renew its growth efforts, noting it has
earmarked EUR3.5 billion for renewable energy investment, and a
further EUR3 billion to expand power grids over the coming
years.
Prokon, which operates 50 wind parks in Germany and Poland,
filed for bankruptcy in January 2014, exposing investors to
potential losses of EUR1.4 billion and leading German politicians
to toughen laws to protect investors.
--Neetha Mahadevan contruibuted to this article.
Write to Monica Houston-Waesch at nikki.houston@wsj.com
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