German utility EnBW Energie Baden-Württemberg AG completed its acquisition of France-based solar and wind farm developer Groupe VALECO, according to a June 4 company news release.
VALECO operates 276 MW of onshore wind and 56 MW of solar capacity, generating an annual turnover of around €50 million in 2018. It also has a project pipeline of 1,700 MW. The former owners of VALECO were the founding family Gay and the bank Caisse des Dépôts et Consignations.
The acquisition of VALECO boosts EnBW's renewable portfolio by 31% and will also have an impact on the EnBW's operating result. The deal also brings the German company closer to its target of reaching 1,000 MW of installed onshore wind capacity by 2020.
"With VALECO, we now have one of the most experienced players on the French renewable energy market at our side," EnBW CEO Frank Mastiaux said. "We will exploit the growth opportunities together and become one of the Top 5 players on the French wind and solar market in the medium term as strong partners."