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Activist Enkraft criticises renewables firm

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Activist investment fund Enkraft, which owns stakes in several German energy firms, has accused renewables group ABO Wind  of failing to provide investors with a clear strategic roadmap, according to a report by Reuters.

Specifically, Enkraft – which says it owns around 500,000 shares, or around 5%, of ABO Wind – has criticised the way the company discloses information about its project pipeline, the lack of available information about project sites are chosen, and has also raised questions over the group’s hydrogen strategy.

ABO Wind, which builds solar and wind farms and is currently valued at €682 million ($730 million), is majority-owned by the families of the group’s two founders that together hold 52%. Utility Mainova (MNVG.F) holds another 10%.

Enkraft also holds stakes in Energiekontor, PNE AG, and Germany’s largest utility, RWE, where it lobbied for a spin off of the group’s brown coal assets.

ABO Wind has said that its is engaged in “constructive talks” with Enkraft.

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