Czech private groups EPH, PPF join forces to bid for Vattenfall's German power plants

PRAGUE: Privately-owned Czech energy group EPH has teamed up with the country's biggest investment group PPF to bid for a portfolio of German lignite and hydro power stations being sold by Sweden's Vattenfall, EPH said on Tuesday.

PPF is owned by Petr Kellner, the richest Czech, who had earlier co-owned the fast-growing EPH.

"Between us, we will be able to provide better financing for the acquisition, if we succeed in the process, and also for the future development of Vattenfall's existing assets in Germany," PPF Chief Financial Officer Katerina Jiraskova.

Vattnefall invited bidders to express interest in the assets last month. Czech utility CEZ has also said it was interested.