Business consortium set to upgrade 32 wind farms in France
A consortium of businesses has agreed a deal to buy a portfolio of France-based onshore wind farms for around €350m (£284m).
The 32 wind farms have a combined capacity of 321.4 megawatts using turbines from a variety of manufacturers and the transaction will also include an "earn-out" of up to €50m, depending on production over the next five years.
Following regulatory approval and completion of the transaction, the wind portfolio will be owned by EDF Energies Nouvelles (20%), GE Energy Financial Services (40%) and MEAG (40%).
The consortium will aim to re-power some of the wind farms, which feature 160 turbines, to improve their efficiency and reliability.
Consortium members said that the transaction is consistent with their renewable energy investment strategies.
Executive vice president of EDF Energies Nouvelles, Emmanuel Jaclot, said: "This transaction is a great opportunity for EDF Energies Nouvelles to expand its wind assets portfolio in France and scale up its operations and maintenance business".
The consortium bought the portfolio of wind farms from Spain's largest utility company Iberdrola, which has been negotiating sales of French, German and Polish wind farms.
MEAG managing director, Holger Kerzel, said: "With this investment we are adding more sustainable investments with calculable risk and attractive returns to our portfolio, leveraging the know-how of the entire Group,".
Managing director and European leader at GE Energy Financial Services, Andrew Marsden, added: "We are pleased to partner with EDF Energies Nouvelles and MEAG in acquiring a substantial portfolio of operating wind projects in France, and intend to seek additional opportunities to expand our renewable energy assets in Europe".