EnBW targets to acquire French wind and solar company Valeco
Post date: 28/03/2019 - 18:51
German utility EnBW Energie Baden-Württemberg AG has submitted a binding offer to the owners of the Valeco Group, French developer and operator of wind and solar farms, for acquiring 100 per cent of the shares in the company. 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. Therefore, the company has 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. According to CTO Hans-Josef Zimmer, EnBW’s goal is »to break into the top five wind and solar players« in France in the medium term.
Valeco is based in Montpellier and 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 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 ($56 million).