EnBW acquires French renewables firm VALECO

German utility EnBW has acquired French wind and solar developer and operator VALECO.

EnBW says the acquisition strengthens its long-term activities in the renewables sector “as a key future business area” and at the same time secures growth opportunities in France, which it said was “one of the most important markets for renewable energy in Europe”.

“The acquisition of VALECO marks a significant step forward in the rigorous expansion of EnBW in renewable energy to make them one of the main pillars of the company,” said EnBW chief executive Frank Mastiaux.

“With VALECO, we now have one of the most experienced players on the French renewable energy market at our side. We will exploit the growth opportunities together and become one of the top five players on the French wind and solar market in the medium term as strong partners.”

VALECO is based in Montpellier and employs around 135 people in the onshore wind and solar sectors. With an installed capacity of 276 MW of onshore wind power and 56 MW of solar, as well as a project pipeline of 1700 MW, VALECO reported an annual turnover of €50m last year.

VALECO was previously owned by Holding Gay and the bank Caisse des dépôts et consignations (CDC). Holding Gay chairman Erick Gay said EnBW was “the most suitable player for VALECO to continue its story as an independent and integrated player within the French market”.