German wind turbine maker Enercon GmbH and domestic energy and telecommunications group EWE AG have agreed to form a joint venture (JV) that will operate on the onshore wind market, focusing on Germany.
Each of the two parties will hold 50% of the new entity that will incorporate their existing wind farms and onshore projects so as to create a company with over 2.3 GW of installed capacity and a project pipeline that exceeds 9.4 GW. The JV will be headquartered in Aurich and operate through several other locations with around 200 employees, Enercon said last week.
Initially focusing on Germany and France, the new company will seek international expansion in the coming years. Enercon and EWE intend to pour up to EUR 4 billion (USD 4.9bn) by 2030, seeking to add more than 200 MW per year and grow the JV’s portfolio to 5 GW. Under the plan, the new business will develop its own projects in its core market and work on project development under customer contracts. Only a few projects are to be realised outside the core market.
The corporate management team of the JV will be appointed by EWE, while Enercon's sole shareholder, the Aloys Wobben Foundation, will appoint the chairman of the supervisory board.
The deal is subject to antitrust clearance and is expected to be completed in the spring of 2021.
(EUR 1.0 = USD 1.227)
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