Colruyt has completed the sale of its Parkwind subsidiary, which specialises in off-shore wind power, to Japanese company JERA, the Belgian group announced on Wednesday.
The transaction is worth €1.6 billion, which should have a one-off positive effect of €650 million to €700 million on the Colruyt group’s consolidated net profit, it said in a statement.
The sale of Parkwind had been announced last March. Since then, the competition authorities have given the go-ahead, allowing the transaction to be completed.
It is not yet known what exactly Colruyt will do with the proceeds from the sale. Part of the money could, however, be reinvested in Parkwind’s wind turbines in the form of a minority stake, the Belgian group had hinted in March.
The remainder could be channelled into other technologies, such as solar energy and hydrogen, or into new activities in Belgium or abroad.
Part of the proceeds from the sale should also go to the group’s shareholders.
Colruyt is expected to say more at its general meeting on 27 September.