AkzoNobel acquires full ownership of Delesto

As of March 13, 2015, AkzoNobel has acquired full ownership of Delesto B.V., the former joint venture between AkzoNobel and Essent.
Delesto is owner of CHP (Combined Heat and Power) units at the Chemie Park (chemical park) in Delfzijl. The acquisition by AkzoNobel will have no consequences for the terms and conditions of delivery and/or jobs. Financial details have not been made public.
Knut Schwalenberg, Managing Director of AkzoNobel Industrial Chemicals explained, “Essent wished to exit from the joint venture we established in 1983. That wish has been fulfilled. The outcome is also attractive for other energy-intensive businesses considering establishment in the northern Netherlands.”
Delesto operates natural gas-fired combined heat and power generator stations capable of delivering a total output of 500 tons of steam per hour, and 530 Megawatts of electricity. Delesto not only supplies AkzoNobel but also other businesses on the Delfzijl Chemie Park with energy.
With the combined generation of steam and electricity, for many years, the company made a substantial contribution to the provision of renewable electricity in the Northern Netherlands. In response to the worsening energy market, Delesto altered electricity production in March 2012, and for the time being has shut down the Delesto 2 unit. The negative situation on the energy market is the consequence of the high purchase price for natural gas in relation to the sales price for the electricity, the competition from coal-fired power stations that can offer lower prices and the growth in the availability of subsidized solar and wind energy.