June 4 (Renewables Now) - German electric utility EnBW Energie Baden-Wuerttemberg AG (ETR:EBK) completed on Monday the acquisition of French wind and solar farms developer Valeco Group.
The target has 276 MW of onshore wind and 56 MW of solar parks in its portfolio, and a project pipeline of 1.7 GW. It is involved in the development, construction and operation of renewable energy assets.
The acquisition boosts EnBW’s renewables capacity by 31%, the company said today, adding that it has now nearly achieved its goal of having 1 GW of installed onshore wind capacity by 2020. EnBW expects Montpellier-based Valeco to make an immediate contribution to the group’s operating result. It generated roughly EUR 50 million (USD 56m) in revenues last year.
Financial details on the deal were not disclosed. The sellers are the founding family Gay and Caisse des depots et consignations (CDC).
“EnBW was the most suitable player for VALECO to continue its story as an independent and integrated player within the French market. The steady growth of VALECO was requiring a scale-up in terms of processes and funds to support the impressive pipeline developed over the last years,” said Holding Gay chairman Erick Gay.
EnBW plans to pour over EUR 5 billion in renewables in Germany and certain foreign markets by 2025.
(EUR 1 = USD 1.12)