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France

French utility set to buy Quadran

FRANCE: The third largest supplier of electricity in France, Direct Energie, is in exclusive negotiations to buy French renewables developer-operator Quadran for around €416 million.

Quadran owns a renewables development pipeline of approximately 2GW
Quadran owns a renewables development pipeline of approximately 2GW

Direct Energie are set to spend about €303 million upfront for Quadran, with an additional €113 million as projects under construction are commissioned.

The deal will see Direct Energie acquire 234MW gross (148MW net) of operating onshore wind capacity as of 1 January 2017, and around 300MW under construction or ready to build. In addition, Quadran boasts a renewables development pipeline of approximately 2GW.

The acquisition will allow Direct Energie "to increase its production capacity and secure its future margins in the context of sustained commercial growth," the company said.

All being well, the deal should be concluded by the end of the year, subject to receiving the necessary regulatory approvals.

However, Quadran's stake in the EolMed floating pilot wind power project at Le Gruissan is not included in the negotiations.

The EolMed consortium, led by Quadran, was selected by French authorities in July 2016 to develop a project off Le Gruissan in the Mediterranean. It is set to comprise four Senvion 6.2MW turbines with a 152-metre rotor diameter.

Ideol will supply its "damping pool" floating platforms, which will be manufactured by civil engineering firm Bouygues Travaux Publics at Port-La-Nouvelle, on the southern French coast.

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