MVV Energie plans to buy out renewables developer Juwi

German utility MVV Energie AG (ETR:MVV1) plans to take full control of majority-owned renewables developer Juwi AG over the next few weeks.

The Mannheim-based energy company announced its intention while presenting its financial results for fiscal 2017/18. The proposed transaction has been agreed with current co-shareholder Frema GmbH & Co KG, according to a separate announcement by Juwi itself.

According to previous announcements by MVV, the utility holds a 63% stake in Juwi since the end of 2014.

MVV Energie’s CEO Georg Mueller commented that the development of renewables is a strategic cornerstone of the group. “Without the effective, rapid expansion of renewable energies, there can be no energy transition; without professional project development, there can be no renewable energies,” he added.

In turn, the chairman of the executive board of Juwi, Michael Class, said that MVV will bolster the company’s global position in the field of project development, engineering, procurement and construction (EPC) and operation both in Germany and abroad.

MVV Energie posted an adjusted net profit after minority interests of EUR 94 million (USD 107m) for the fiscal year through September 2018. This is an increase of EUR 1 million and represents the fourth consecutive year of earnings growth for the company.

(EUR 1.0 = USD 1.139)

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