EDF Renouvelables, the renewables business of French utilities group Electricite de France SA (EPA:EDF), and Cero Generation, a European solar energy company, have signed a share purchase agreement to each acquire a 45% stake in France-based agrivoltaic specialist Green Lighthouse Development (GLHD).
EDF Renouvelables and Cero Generation will then join forces to help realise 2.4 GW of solar projects that GLHD has under development in France, the three parties said in a joint statement on Thursday.
GLHD’s two founders will be left with a 10% stake, once the transaction gets the seal of approval from relevant antitrust authorities, the trio said.
Financial details of the agreement were not disclosed.
"GLHD is an agile SME, which offers tailor-made solutions for its customers and projects. Our partnership with Cero Generation has enabled us to achieve strong growth, and the arrival of EDF Renouvelables will help us strengthen our offering while consolidating our presence in France. With the support of EDF Renouvelables and Cero, we are preparing for a dynamic, innovative and daring future," GLHD founders, David Portales and Jean-Marc Fabius, said.
Cero Generation is a solar-focused portfolio company of the Green Investment Group (GIG), itself part of Australian financial services giant Macquarie Group Ltd (ASX:MQG). Cero Generation says it has 8 GW of solar projects under development in Europe.
Choose your newsletter by Renewables Now. Join for free!