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CDC invests in Valeco Holding
1 February 2009
The Caisse des Dépôts et des Consignations (CDC), a state-owned financial institution which supports projects of public interest, has invested EUR 21.8 million in Valeco Holding, giving it a 15% stake in the independent power producer, based in Montpellier. The company is focused mainly on renewables generation. The deal allows CDC the option of upping its stake to a maximum of 29%, depending on the group's performance. The remaining shares are held by Valeco's founding family. Previously, CDC partnered Valeco in building a 6 MW wind plant at St-Jean Lachalm in the Haute-Loire département and now wants to further support the group's development. Valeco has 56 MW of operating wind capacity in France, another 350 MW slated to come online by 2013 and over 500 MW in development. The investment is in line with CDC's "Elan 2020" strategy, adopted in 2007, which makes the environment one of its four priority sectors. CDC's prime focus is to help local companies grow and contribute to meeting France's national and European clean-energy commitments. It invested nearly EUR 30 million in renewables in 2007 and expects to reach EUR 50 million in 2008, well on the way to achieving its target of EUR 150 million by 2010. This is only CDC's second investment in the wind sector, however. In 2007 it took a 10% stake in the Marseille-based developer and operator Eco Delta Développement (Windpower Monthly, February 2008).
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