France

France

EnBW acquires French developer Valeco

EnBW has completed its acquisition of French developer Valeco Group, which operates more than 250MW of wind farms.

EnBW's 19.8MW Freckenfeld wind farm in Rhineland-Palatinate, Germany
EnBW's 19.8MW Freckenfeld wind farm in Rhineland-Palatinate, Germany

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This story was first published on 28 March. It was updated on 4 June.

The acquisition brings EnBW close to its goal of installing 1GW of onshore wind capacity by 2020, the German-utility developer stated.

Valeco had 276MW of installed onshore wind capacity and 54MW solar PV in its native France. It had a pipeline of 1.7GW across both technologies.

By acquiring Valeco, EnBW boosts the capacity of its own renewables portfolio by 31%, it stated.

Including projects originally developed by Valeco, EnBW’s portfolio now includes 994MW of onshore wind and 336.3MW of offshore wind.

EnBW’s CEO Frank Mastiaux said: "We will exploit the growth opportunities together and become one of the top five players on the French wind and solar market in the medium-term as strong partners."

EnBW announced it had been named the "exclusive bidder" to acquire Valeco Group in March 2019.

It completed the acquisition after obtaining regulatory approvals and after Valeco’s staff council was consulted on the terms of the offer.

Valeco employs about 135 people in onshore wind and solar and is active along the entire value chain in France "from developing through construction to operation", it stated.

It generated annual turnover of around €50 million last year.

Results

EnBW announced the potential deal to acquire Valeco on 28 March as it posted its financial results for 2018.

The group's adjusted earnings before interest, taxation, depreciation and amortisation (Ebitda) was up 2.1% to €2.15 billion. Of this total, renewables accounted for €297 million – a fall of 10.3% from 2017.

Investments remained flat at €1.7 billion last year, of which 75% was related to growth projects, primarily in grid expansion and renewable energy, EnBW stated.

The group’s adjusted profit fell 44.7% to €438 million in 2018.

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