Bloomberg quoted KYOS: Blackstone reviving Dutch plant

Bloomberg quoted KYOS’ Cyriel de Jong in their article about Blackstone, published last Friday 7 July 2017. The investor group Blackstone bought bankrupt Dutch Rijnmond gas-fired electricity facility in 2016. According to “Het Financiele Dagblad they paid only €8 million for it – the estimated value was €600.

Blackstone Does What RWE Can’t Do by Reviving Dutch Plant

“Blackstone Group LP’s reboot of an idled Dutch natural gas-fired power plant this week underlined investor appetite for the unwanted assets of some of Europe’s biggest utilities. The Rijnmond station in Rotterdam sold electricity on Monday for the first time since the world’s biggest private equity fund bought the bankrupt facility last year. Utilities such as Germany’s RWE AG and Engie SA in France are still keeping some plants shut because they aren’t profitable.”

Cyriel de Jong was asked for his opinion on this matter and was quoted saying: “They believe that in the coming winters it’s going to pay off, that it can run at a profit…It is a really good bet, considering what they paid for it.”

Read the full Bloomberg article here.

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