German renewables developer Energiequelle has sold its French subsidiary to French independent power producer H2air.
The sale includes both the employees of the French subsidiary as well as the existing project pipeline, which comprises nearly 500MW of solar PV and wind projects. It also includes 60MW of operational projects and projects already in the pre-construction phase that will be taken over by H2air.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
The French subsidiary has been part of Energiequelle since 2010 and during that time developed and commissioned over 27 solar PV and wind parks with a combined capacity of 266MW.
According to Energiequelle, the sale of its French subsidiary is part of a strategic realignment amid challenging market conditions in the renewables sector. The most notable recent example of this is German solar developer Enerparc filing for insolvency earlier this month.
Analysts who spoke with PV Tech Premium recently highlighted that the Enerparc insolvency signalled the beginning of a broader consolidation phase in European solar (subscription required) with an increase in mergers and acquisitions.
“This acquisition fully supports H2air’s strategy to further strengthen its position in renewable energy, particularly in the wind energy sector, in France,” said Roy Mahfouz, Founder and President of H2air.
