Energy consortium buys 32 wind farms in France
A consortium including EDF Energies Nouvelles is buying 32 operating wind farms in France from Iberdrola.
The portfolio of onshore wind farms, which are spread throughout France and were commissioned in 2006-2012, have a combined capacity of 321.4 megawatts using turbines from a variety of manufacturers.
The consortium also includes GE Energy Financial Services, and MEAG – the asset management arm of Munich Re and ERGO.
Electricity generated is sold according to long-term contracts under France's feed-in tariff.
The transaction is valued at €350m, plus an earn-out of up to €50m, depending on production over the next five years.
Upon completion of the transaction, subject to regulatory approval, the wind portfolio’s ownership will be: GE Energy Financial Services and MEAG at 40 per cent apiece, and EDF Energies Nouvelles at 20 per cent.
EDF Energies Nouvelles will provide asset management and operation and maintenance services for the wind farms.
The consortium plans to re-power some of the wind farms, which feature 160 turbines, to improve their efficiency and reliability using GE technology.
Each member of the consortium stated that the transaction is consistent with its renewable energy investment strategy.
“This transaction is a great opportunity for EDF Energies Nouvelles to expand its wind assets portfolio in France and scale up its O&M business,” said Emmanuel Jaclot, executive vice president of EDF Energies Nouvelles. "GE’s and MEAG’s diligence and knowledge of this industry allowed us to sign this acquisition in the targeted timeframe."
"With this investment we are adding more sustainable investments with calculable risk and attractive returns to our portfolio, leveraging the know-how of the entire group," said MEAG managing director Holger Kerzel.
"We are pleased to partner with EDF Energies Nouvelles and MEAG in acquiring a substantial portfolio of operating wind projects in France, and intend to seek additional opportunities to expand our renewable energy assets in Europe," said Andrew Marsden, a London-based managing director and European leader at GE Energy Financial Services.
"There has been a lot of talk about the reported £30bn cost of the Sochi Games, so we go behind the scenes to find out where all that money has been spent"
- Radiation Leak at Underground Nuclear Waste Facility in America [01:40 am 11/03/14]
- Howdens Kitchens [01:37 am 11/03/14]
- 3D Magnetic field rotation of light [09:39 pm 10/03/14]
- Repeated Alternator Failure on Power Plant rated 16MVA/ 11,000V using 12x 415V generators [06:53 pm 10/03/14]
- How and when will DECC's electricity capacity market fail? [01:30 pm 10/03/14]
The essential source of engineering products and suppliers.
Tune into our latest podcast