January 3 (Renewables Now) - Spanish renewable energy producer Audax Renovables SA (BME:ADX) has formally acquired Audax Energia SA to create a company with a turnover of more than EUR 1.2 billion (USD 1.06bn).
The completion of the merger was announced in a filing with Spanish stock market regulator CNMV on Monday. The process of absorbing Audax Energia was initiated on June 29, 2018.
Audax Renovables now operates in eight countries with a workforce of more than 500. The company believes that the merger will expand its access to financing for new projects and will allow it to close more power purchase agreement (PPAs). One of the company's goals is to expand internationally.
The enlarged Audax Renovables will be led by the existing management team.
(USD 1 = EUR 0.88)