EDF EN reaches Futuren deal

FRANCE: Developer EDF Energies Nouvelles (EDF EN) has reached an agreement to acquire a majority share of onshore wind firm Futuren.

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

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The Futuren board accepted the deal for EDF EN to acquire 61.6% of the developer's ordinary shares at €1.15/unit and 96% of its convertible bonds for €9.37/unit. This would give EDF EN a 67.2% stake in the company.

"The offer made by EDF Energies Nouvelles, a specialist in renewable energies with a long-term vision, fully acknowledges [our] success while foreseeing the growth momentum already built up," said Futuren CEO Fady Khallouf.

Windpower Monthly reported on 25 April that EDF EN had entered exclusive talks to buy a 67% stake in Futuren for a total transaction price of €320 million.

The deal represented "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.

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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