Verbund, the Austrian electricity company, has agreed to purchase eight hydroelectric power plants from E.ON Renewable in Germany.
The plants are located on the Inn and Danube Rivers, reports Energy Business Review.
In exchange Verbund will divest its 50 per cent interest in Turkish firm Enerjisa and the deal is expected to be worth over $1.3bn.
Verbund CEO Wolfgang Anzengruber said: "This transaction strengthens our position as one of the leading producers of hydropower in Europe: among other things, this will raise our electricity generation from run-of-river power plants by 9 per cent and improve our risk profile.
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