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France

France

EDF EN closes in on French developer

FRANCE: EDF Energies Nouvelles (EDF EN) has entered into exclusive talks to acquire 67% of onshore wind player Futuren for "just under €320 million," according to its CEO.

French developer Futuren's portfolio stretches to Italy, Germany and Morocco
French developer Futuren's portfolio stretches to Italy, Germany and Morocco

The deal represents "a unique opportunity" for EDF EN, CEO Antoine Cahuzac said.

Futuren owns 389MW installed capacity and operates 357MW for third parties, with 400MW under development, in France, Germany, Morocco and Italy.

EDF EN is particularly attracted by Futuren's presence in Germany, where it has 140MW capacity. Most are older facilities, offering opportunities for repowering.

The acquisition would also give EDF EN 12% of the French wind market, up from 10% today. This includes 120MW fully consented and ready to build, Cahuzac said.

Once the transaction is approved and completed, expected by the end of the year, EDF EN will make an offer for the remaining shares.

Previously known as Theolia, Futuren was on the verge of bankruptcy, but turned itself round following a restructure in 2010, and returned to profit last year.

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