RUSSIA – The multinational brewer AB InBev is in negotiation to sell its stake in the Russian joint venture AB InBev Efes to its partner in the business Anadolu Efes, for undisclosed financial terms.
AB InBev and Anadolu Efes each hold 50% of the shares in the joint venture, but the Turkish group would be in charge of operational decisions.
The collaboration was complicated by the sanctions imposed on Russia after the invasion of Ukraine, leaving the Belgium-based brewer to wrap up all activities in Russia.
AB InBev has also gone ahead to relieve itself of decision-making powers in the joint venture, and therefore cannot decide on the production lines put in place by Efes.
The joint venture AB InBev Efes has decided to “suspend” its activities ” while active discussions between the parties concerning the sale of AB InBev’s non-controlling interest in the AB InBev Efes joint venture to its partner, the Turkish brewer Anadolu Efes continues.
In addition, the group confirmed that AB InBev will “renounce any financial benefit from the operations of the joint venture”.
The brewer’s spokesperson also stated: “As a result, AB InBev will no longer recognize the investments in AB InBev Efes on its balance sheet and will report a US$1.1 billion impairment in the results of associates when reporting its first-quarter results.”
AB InBev inaugurates the Spanish solar park
Meanwhile, AB InBev has inaugurated the Spanish solar park that will supply renewable electricity to 14 of its plants in Europe.
The VERBUND Pinos Puente Solar Park was developed in collaboration with the Austrian energy company that names the infrastructure and BayWa, a redistributor and provider of energy services and solutions specializing in renewables.
The 10-year VPPA agreement between BayWa re and AB InBev covers 14 of its breweries on the continent and more than 50 brands in 12 countries.
Erik Novaes, Vice President of Purchasing and Sustainability Europe from AB InBev said: “With the global energy crisis and the growing impact of climate change deeply affecting much of Europe this summer we are proud to build climate resilience and further our drive towards decarbonization.”
Michael Strugl, CEO of VERBUND explained that the Pinos Puente solar park marks the company’s entry into the Spanish market.
He added that with projects like the Pinos Puente solar park, we are driving the rapid switch to renewable energy in Europe.
The construction of the park, after the agreement announced at the beginning of 2020, began in May 2021, ending at the end of September 2022 and its connection to the electricity grid is scheduled for the end of October.
The project occupies an area of 161 ha and will generate approximately 260-gigawatt hours (GWh) of emission-free electricity per year, with a total planned capacity of 147.6-megawatt peak (MWp).
This generated electricity would be enough to brew more than 10,000 M beers per year, AB InBev noted, while also playing a fundamental role in helping the company achieve its broader sustainability objectives, which include achieving net zero CO2 in its entire value chain by 2040.
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