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France

France

US equity firm acquires 750MW French wind projects from E.ON

FRANCE: E.ON Climate & Renewables has sold a development portfolio of 20 wind farms in France to a subsidiary of US private-equity firm Riverstone Holdings as part of its wider drive to raise €15bn through divesting energy assets.

The projects in the portfolio comprise onshore sites across France with options to develop wind farms ranging from 20-90MW in generating capacity.

The deal is Riverstone Holdings' subsidiary Velocita Energy Developments' first acquisition and the new firm expects over half of the 750MW in the portfolio to gain permits within the next two years.

French firm Opales Energies Naturelles has been responsible for developing the sites for E.ON so far and will now be contracted to Velocita.

The sale — for an undisclosed amount — is part of E.ON's strategy to raise €15 billion through asset disposals by 2014.

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