Owners Have Selected EnBW as Exclusive Bidder for the Acquisition of Valeco Group
Karlsruhe, Germany / Montpellier, France - As part of its clear strategy to internationalise its renewable energy business, EnBW Energie Baden-Württemberg AG also wants to create further growth in France.
As EnBW points out, based on this offer, the owners have selected EnBW from a high-calibre field as exclusive bidder. In a next step, French law prescribes that the company’s staff council has the opportunity to be consulted on the terms of the offer. Consequently, the company has now initiated this consultation process, which will have to be completed before entering into any binding agreement to sell. Both parties have agreed not to disclose any details of the offer.
Valeco is based in Montpellier and is one of the top ten operators of renewable energy farms on the French market. The company employs around 135 people in the onshore wind and solar business and is active along the entire value chain in France from developing trough construction to operation. With an installed output of 276 megawatts (MW) of onshore wind power and 56 MW of solar power in operation as well as a project pipeline of 1,700 MW, Valeco currently generates an annual turnover of around 50 million euros.
According to the company, EnBW has invested around three billion euros to date in expanding its renewable energy business as part of its Strategy 2020. Until 2025 the company aims at investing another 5 billion Euros in Germany and in selected international markets. Since 2018, EnBW has already been active in France, developing the onshore wind and solar business with its subsidiary EnBW Energies Renouvelables SAS.
Source: IWR Online, 29 Mar 2019