French nuclear power company Areva SA (EPA:AREVA) will sell to Spain’s Gamesa (BME:GAM) its 50% stake in their offshore wind joint venture Adwen for EUR 60 million (USD 67.5m), it was announced this morning.
The Spanish wind turbine maker said the transaction is expected to close in January 2017.
Gamesa is currently being acquired by Germany’s Siemens (ETR:SIE). That deal took a long time to be agreed because the parties could not decide on what to do with Adwen, which makes offshore wind turbines and has an 8-MW platform. The buy of Areva’s 50% in the JV now needs to be approved by competition authorities in Germany (the Bundeskartellamt).
Areva had three months to decide whether to sell its 50% in Adwen, buy Gamesa’s 50%, or divest 100% of the JV to a third party via a drag-along right for Gamesa’s stake. Its board of directors said today it decided to authorise the management to sell its shares in Adwen to Gamesa. It said that having a stable shareholder base would strengthen Adwen’s activities.
“Gamesa is aware of the commitments made by Adwen as part of the tender process for the offshore wind farms for electricity generation in France. Those commitments will remain borne by Adwen,” Areva said. The JV has won contracts to install 1.5 GW in French waters.