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Financial advisor to Energie Ausserschwyz AG and its main shareholder, EW Höfe AG, on the integrated financing of the district heating grid of Energie Ausserschwyz AG by means of additional equity and bank loans
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As a local energy service provider, Energie Ausserschwyz AG (EASZ) supplies the districts of March and Höfe with CO2-neutral heat and green electricity. The new district heating grid of the young company EASZ has met with very positive demand from property owners. Against this backdrop, EASZ is planning an accelerated expansion in the direction of Pfäffikon (SZ). At the same time, the district heating business model means that substantial upfront investments in infrastructure must first be made before heat can flow and be sold. At the same time, in the current environment, inflation and interest rates pose additional challenges for the company. EASZ is countering these circumstances with various measures, including the raising of additional financial resources for the upcoming investments.
In this context, EASZ announced a capital increase of around CHF 25 million on October 9, 2023. The capital increase was supported in particular by the locally anchored main shareholder EW Höfe (EWH). EASZ supplemented the equity capital increase by increasing the existing credit line by an additional CHF 35 million with three other Swiss banks. This well-supported and comprehensive financing of an additional CHF 60 million will accelerate the further expansion and densification of the district heating grid. In this way, EASZ not only relieves the electricity grid, but also makes a valuable contribution to regional value creation and the development of a more environmentally friendly energy future with its ecological production of district heating and electricity.
IFBC supported EASZ and EWH as financial advisor throughout the entire financing process. As part of the preparation of the financing concept and the subsequent implementation, business plans were drawn up, independent valuations were carried out, financing options were examined, all stakeholders were involved and finally loan agreements were negotiated with three banks. IFBC contributed its extensive financing experience as well as its in-depth knowledge and benchmarks from the energy sector and supported the management and Board of Directors of both companies during the transactions. In this way, the strategic goals of decarbonizing the heat supply can be achieved in the interests of all shareholders and the region.
Energie Ausserschwyz AG is a local energy services company headquartered in Galgenen (SZ). It produces CO2-neutral heat and green electricity from regional biomass using a wood-fired power plant and a biogas plant. Heat is supplied to private households and companies in the region via its own district heating grid. EW Höfe AG, as the main shareholder, is an important strategic partner. Other shareholders are the Züger family, the initiators of the Galgenen bioenergy plant project, as well as Brugg Group AG, IWB and the Energy Cooperative. The Ausserschwyz Energy Cooperative was founded in 2021. The cooperative aims to create benefits for its members by promoting and distributing renewable energy and holds a stake in Energie Ausserschwyz AG.
EW Höfe AG is the largest cross-connected company in the lower and upper Lake Zurich region. It ensures above-average security of supply in the municipalities of Feusisberg, Freienbach and Wollerau in the areas of electricity, gas and telecommunications. It offers its customers innovative and sustainable solutions as an energy and telecommunications service provider. EW Höfe is the main shareholder of Energie Ausserschwyz AG, which has been supplying CO2-neutral district heating and electricity from regional renewable energies since 2022.
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