It has been selected "from (a) high-calibre field" as the "exclusive bidder", the German utility-developer stated.
Valeco’s staff council will now be consulted on the terms of the offer, EnBW added. Both companies have agreed not to disclose any details.
Valeco has 276MW of installed onshore wind capacity and 56MW solar PV in its native France. It has a project pipeline of 1.7GW across both technologies.
The developer employs about 135 people in onshore wind and solar and is active along the entire value chain in France "from developing trough construction to operation", it stated.
It currently generates annual turnover of around €50 million.
EnBW announced the potential deal to acquire Valeco 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.