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France

France

Developer and owner Eco Delta divests 10 per cent

A capital-raising exercise recently saw independent French developer and operator of wind and solar plant, Eco Delta Développement (EDD), sell a 10% stake to Caisse des Dépôts et des Consignations (CDC), a state-owned financial institution which invests in projects of public interest, for an undisclosed sum. The deal includes the option for CDC to acquire a further 10% in the form of convertible bonds as and when EDD has obtained siting permits for 300 MW. While EDD has just 12 MW of wind power fully permitted at present, the company has applications pending for 270 MW and a further 317 MW under development. EDD first established a partnership with CDC in 2006 to help develop a 70 MW plant at Artiques Ollières in the southerly Var département. CDC invested EUR 15 million in wind power projects in France last year and announced it planned to invest EUR 150 million in green energy by 2010, with a long term target of holding 10% of France's renewable energy production by 2020.

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