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Germany

Germany

MVV to acquires majority stake in Juwi

GERMANY: Stock-exchange-listed municipal energy company MVV Energie will take over 50.1% of struggling German wind and renewables developer Juwi by the end of the year through a capital increase.

The deal is dependent, however, on implementation of a financing concept involving banks and other creditors and on getting the green light from the federal cartel office, MVV stressed. Juwi founders Fred Jung and Matthias Willenbacher will together own 49.9%.

The move is part of MVV Energie's 2020 strategy, launched in 2009, "to get renewable and conventional energies working together economically and ecologically as pillars of the future energy system," said Georg Müller, the company's chairman.

Juwi, founded in 1996, employs 1,000 people and achieved annual revenue of up to EUR 1 billion in recent years. It has installed over 1.5GW of wind energy and more than 1.4GW of photovoltaic capacity around the world, as well as several biogas plants.

"But changes in the market caused a slide into financial difficulties at Juwi, prompting the start of a broad restructuring," MVV Energie said.

The company's links with Juwi began in the spring, when it took over the marketing of electricity generated by Juwi-owned renewable plants in Germany on the electricity spot market.

The deal is the second wind developer acquisition MVV Energie has announced within four weeks. It acquired troubled wind project developer Windwärts on 1 October after announcing the deal on 25 September.

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