German solar and wind firm Encavis AG has further cemented its position in the French market by acquiring the oustanding shares in a portfolio of assets it had invested in.
Encavis has picked up the remaining 15% of shares in a portfolio of 12 solar arrays with a total capacity of 75MW, taking its interest in the portfolio to 100%. It elected to do so as part of its '>> Fast Forward 2025 strategy'.
The move follows a similar decision reached to acquire outstanding shares in the Spanish large-scale solar project La Cabrera, becoming the 100% owner of the 200MW capacity project earlier in 2020. Additionally, it has acquired the remaining shares of both the 18.7MW Brandenburg / Havel solar park and the 6MW Bitterfeld solar park this year.
“Through acquisition of minority shares in our solar parks, we are consistently implementing our growth strategy >>Fast Forward 2025,” said Dr. Christoph Husmann, CFO of Encavis AG. “Whenever Encavis has the opportunity to acquire missing minority shares in our solar park portfolio on economically convincing terms, we will take advantage.”
Overall it’s been a big year for Encavis, including partnering with the Hørsholm-based GreenGo Energy Group in May to deliver a 500MW-plus solar portfolio in Denmark as part of a major subsidy-free solar play in Scandinavia.
In April, the company expanded its portfolio with the acquisition of 80MWp of Dutch solar assets from renewables developer BayWa r.e.
The company’s continued expansion follows a stellar 2019, with Encavis achieving record earnings despite the impact of COVID-19 in the final quarter of its full year results.