The planned acquisition was first announced on 20 June, now the Is have been dotted and the Ts have been crossed, with Portuguese solar developer Martifer Solar now incorporated into Voltalia. The company hopes that Martifer will add some valuable expertise into its business and help spread its international presence.
The official figures for the acquisition have not been announced, but initial indications were that the deal was worth 9 million (US$10.1 million), which will be funded entirely using Voltalias cash assets. The company announced that the integration process was already well on its way, as it had begun in June when negotiations began.
"It is with great pleasure that we confirm the acquisition of Martifer Solar, commented CEO of Voltalia Sébastien Clerc. Over the past three years, the exceptional work carried out by our teams has seen our installed capacity multiply nine-fold and this new addition to the group will strengthen our position in the solar energy sector, the fastest growing of all renewable energy sectors. I would like to wish a warm welcome to the 266 talented team members who are joining us at Voltalia.
Voltalia announced that the move will enable it to accelerate its development strategy and diversify its energy mix, which it would to drive towards solar PV. It cited Martifers expertise in development, construction, operation and maintenance, as well as its international footprint as the driving force behind the acquisition.
"We are very excited about this transaction: in addition to ensuring a continued service to Martifer Solar clients, this merger with Voltalia is an opportunity for us to join a fast-growing group with strong prospects and high ambitions," said Martifer Solar CEO and co-founder Henrique Rodrigues.