March 28 (Renewables Now) - German electric utility EnBW Energie Baden-Wuerttemberg AG (ETR:EBK) has been selected as the exclusive bidder in the competition to take over French wind and solar farms developer Valeco Group.
EnBW said in a statement today that the company is now holding exclusive talks with Valeco. Under French law, the target’s staff council has the opportunity to be consulted on the terms of the binding offer already presented. This consultation process, now launched, should be concluded before a final deal is inked.
Montpellier-based Valeco is active along the entire value chain in the French renewable energy sector, from developing trough construction to operation. Its portfolio of operational plants includes 276 MW of onshore wind farms and 56 MW of solar parks. In addition, the firm has 1,700 MW of projects in the pipeline. The annual turnover of the company is around EUR 50 million (USD 56.3m).
“We see good prospects for common growth in France,” said Frank Mastiaux, CEO of EnBW. CTO Hans-Josef Zimmer, in turn, added that the company’s goal is to help establish Valeco as one of the top five wind and solar players in France in the medium term.
(EUR 1.0 = USD 1.125)