UCED Group becomes the new owner of GGE Group

10. July 2024

July 10, 2024

UCED is part of the Czech investment group CREDITAS. On the Czech market, UCED owns several gas-fired power plants and local distribution networks, aiming to become a leader in decentralized energy in the Czech Republic.

The GGE Group has changed ownership. UCED, a subsidiary of the Czech investment group CREDITAS, successfully completed the acquisition of GGE a.s. from Infracapital, the infrastructure investment division of M&G Plc. The transaction was finalized in June 2024, marking a significant milestone for both parties involved.

Infracapital acquired GGE in 2015 and has since transformed the group, significantly improving its profitability. The deal was approved by Slovak and Czech antitrust authorities and was officially completed last week with the transfer of shares. Both parties have agreed not to disclose the transaction’s value.

“The acquisition of GGE represents a major investment opportunity for our group, offering significant synergies. With our experience in the Czech market in gas-fired power plants and energy distribution, we believe we can contribute to GGE’s further development and strengthen our position in Central Europe,” said Pavol Hubáček, owner and founder of CREDITAS.

CREDITAS plans to invest significantly in GGE, focusing on modernization and expanding production capacities, with expected investments in the tens of millions of euros. The group anticipates strong synergy and mutual sharing of expertise. On the Czech market, UCED owns several gas-fired power plants and local distribution networks. In 2023, UCED’s energy division achieved an EBITDA of over CZK 2.2 billion (€88.8 million). UCED is determined to become a leader in decentralized energy in the Czech Republic, and it is planning to build a 1,000 MW energy block by 2030.

Customers of ELGAS, s.r.o., can expect the same high level of service, reliability, and care they are accustomed to. This partnership also creates the potential for new services, including the development of an aggregation block and new decentralized low-emission energy sources.

CREDITAS Group

CREDITAS is a dynamically growing Czech investment group focused on long-term investments in conservative sectors, including financial services, energy, and real estate. With assets nearing CZK 200 billion and a preliminary profit of CZK 3.75 billion for 2023, the CREDITAS Group, led by Pavol Hubáček, continues to grow and expand its potential.

UCED Group

UCED is the energy division of the Czech investment group CREDITAS. Since 2015, UCED has offered comprehensive energy services, including producing electricity and heat, distributing electricity, heat, and natural gas, and trading of these commodities. UCED provides integrated energy solutions in locations such as Kutná Hora, Prostějov, Přerov, Chomutov, Kopřivnice, and Vítkovice.

UCED is a pioneer in modern energy projects, focusing on e-mobility, energy storage, cogeneration units, photovoltaics, and energy efficiency. It is the largest operator of local distribution systems in the Czech Republic and a partner to the Czech state in the field of electricity, offering power balancing services. UCED annually sells over 99,000 MWh of electricity and more than 43,000 MWh of gas.

GGE Group

GGE a.s. is one of Slovakia’s leading energy groups, with a significant portfolio in heat and electricity production and distribution. GGE focuses on developing and interconnecting local distribution networks and is a leader in modern energy solutions in Slovakia.

Contact for Media

Jana Luptáková

Marketing, PR

jana.luptakova@gge.sk

+421 902 119 627