Axpo concludes acquisition of French PV firm Urbasolar
Solar power plant. Source: Urbasolar
Swiss energy trader Axpo Holding AG has received the approval of the French authorities to wrap up its takeover of domestic photovoltaic (PV) company Urbasolar.
As a result, the transaction, which was agreed upon in early May, has now been concluded, Axpo said in a statement on Thursday. The buyer did not reveal the financial terms of the deal.
Montpellier-based Urbasolar current portfolio includes operating PV plants totalling 350 MW as well as a development pipeline exceeding 1,000 MW. The firm also provides repair, maintenance and asset management services.
The French company will be managed by Axpo as an independent subsidiary, with a plan to develop its business model internationally in the upcoming years.
So far, Axpo has so far been active in the renewable energy sector though wind park developer Volkswind.