French PV developers Solairedirect and ENGIE are to merge after ENGIE acquired a 95% stake in its compatriot firm.
The acquisition, for an undisclosed sum, follows a failed IPO by Solairedirect in April, in which the company was unable to muster sufficient interest among developers to complete the flotation.
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ENGIE, which also develops other forms of low-carbon energy including wind and hydro, said the acquisition bolstered its position in the French PV market, with the combination of Solairedirect’s 224MW of operational capacity and its own 158.5MW making it a leader.
With Solairedirect already active in around 15 emerging PV markets overseas, including Thailand, Chile and South Africa, ENGIE said it was also eyeing the opportunities for international expansion offered by the merger.
In a statement announcing the deal, Gérard Mestrallet, ENGIE's chairman and CEO, said: “This is a crucial step forward in the implementation of our solar strategy. ENGIE has been committed to renewable energies for several years now. We already lead the French wind power market, and this deal makes us the country's number one in solar power too.
“We intend to strengthen these positions around the world. By pooling the expertise of Solairedirect and ENGIE staff, we will be able to speed up our development in renewable energies, in line with our strategy to spearhead Europe's energy transition and become the benchmark energy supplier on high-growth markets.”
Worldwide, Solairedirect has developed 57 farms with a total capacity of 486MW, and has a pre-construction portfolio of some 4.5GW, 434MW of which it says will be built within the next 18 months.
Thierry Lepercq, CEO at Solairedirect, added: “I'm very pleased with this project to merge with ENGIE, which is a strategic leap forward, placing competitive solar power at the very heart of the plans to become a world leader in the energy sector. The merger will provide Solairedirect with the financial resources and critical size it requires to speed up growth. Our mutually complementary activities across the world, our entrepreneurial spirit and our ongoing drive for innovation will give us a unique opportunity to build together a competitive world leader on the solar market.”