German utility EnBW has acquired French wind and photo voltaic developer and operator VALECO.
EnBW says the acquisition strengthens its long-term actions within the renewables sector “as a key future enterprise space” and on the similar time secures development alternatives in France, which it stated was “some of the essential markets for renewable vitality in Europe”.
“The acquisition of VALECO marks a big step ahead within the rigorous enlargement of EnBW in renewable vitality to make them one of many major pillars of the corporate,” stated EnBW chief govt Frank Mastiaux.
“With VALECO, we now have some of the skilled gamers on the French renewable vitality market at our facet. We will exploit the expansion alternatives collectively and grow to be one of many high 5 gamers on the French wind and photo voltaic market within the medium time period as robust companions.”
VALECO relies in Montpellier and employs round 135 individuals within the onshore wind and photo voltaic sectors. With an put in capability of 276 MW of onshore wind energy and 56 MW of photo voltaic, in addition to a venture pipeline of 1700 MW, VALECO reported an annual turnover of €50m final 12 months.
VALECO was beforehand owned by Holding Gay and the financial institution Caisse des dÃ©pÃ´ts et consignations (CDC). Holding Gay chairman Erick Gay stated EnBW was “probably the most appropriate participant for VALECO to proceed its story as an unbiased and built-in participant inside the French market”.