German power utility EnBW has revealed it was selected as the preferred bidder for the acquisition of French wind and solar energy company Valeco. The companies did not disclose the terms of the offer, but EnBW said in a statement that Valeco workers are now being consulted, according to French law. A binding agreement will be signed only after the completion of the consultation process, EnBW added.
“Our declared common goal with Valeco is to break into the top five wind and solar players in France in the medium term,” said EnBW CTO Josef Zimmer. “The employees’ expertise, the project pipeline and the strong brand would provide an outstanding basis in this regard.”
According to EnBW, Valeco currently owns and operates 276 MW of wind and 56 MW of solar in France, while its renewable energy project pipeline stands at approximately 1.7 GW. The company is one of five developers that are planning a 1.2 GW solar project across the four French municipalities of Allons, Boussès, Sauméjan and Pompogne, all of which are located in Lot–et–Garonne Department, southern France.
The transaction is part of EnBW’s €5 billon plan to expand its renewable energy business in Germany and in selected international energy markets. In March of last year, it acquired German storage provider Senec.
EnBW is also behind one of Germany’s biggest end-customer energy brands, yello, while also being a major investor in German and international wind power projects.