EWZ (Deutschland) GmbH will take full ownership of a 173-MW onshore wind portfolio in France that the utility has been jointly developing with French wind project developer Ostwind International SAS for about two years.
The deal with a price tag of EUR 54.6 million (USD 57.7m) includes Ostwind's share in 16 project companies that were set up for the implementation of the ten joint projects.
The French developer decided to sell its share in the projects due to strategic reasons, EWZ said on Friday.
EWZ (Deutschland) GmbH, a subsidiary of Swiss utility EWZ, acquired a 50% stake in the 16 project companies in June 2020. Last February, it raised its interest in the Camblain, Blacy, Lisbourg 1 and Lisbourg 2 wind park companies to 70%.
The ten wind projects featuring 69 turbines are located in the northeast and southwest of France. Once up and running, they are expected to generate about 450 GWh of green electricity.
EWZ will finance the full acquisition of the projects with a loan of CHF 28.06 million (USD 28.63m/EUR 27.09m) which is part of a framework credit of CHF 200 million that the city of Zurich approved in 2021 for the purchase of renewable energy plants.
Anna is a DACH expert when it comes to covering business news and spotting trends. She has also built a deep understanding of Middle Eastern markets and has helped expand Renewables Now's reach into this hot region.