Fred. Olsen Renewables to divest French onshore wind developer

Alstom turbines in France. (c) Alstom.

March 13 (Renewables Now) - The renewables unit of Norwegian group Bonheur ASA (OSL:BON) has signed a deal to sell its controlling stake in a French onshore wind projects developer for about EUR 46 million (USD 51.4m) in net cash proceeds.

Specifically, Fred. Olsen Renewables AS (FORAS) will sell its 51% interest in Global Wind Power France APS (GWP) to “a leading French industrial company.” The unnamed buyer will acquire the remaining 49% in GWP separately from Denmark-based Global Wind Power Europe ApS (GWPE).

The transaction includes the repayment of shareholder loans.

GWP is active in the development of onshore wind projects in France. The firm works on the schemes through to consent and then sells them to third parties before the construction process starts.

FORAS has been the majority owner of GWP for the past four years.

(EUR 1.0 = USD 1.118)

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