French developer expands into Africa with Nova Power acquisition

Facebook
Twitter
LinkedIn
Reddit
Email

French renewable energy developer Global EcoPower (GEP) has expanded overseas with the acquisition of Morocco-based Nova Power.

GEP will acquire 100% of Nova Energy in what it described as almost an all-share deal. The first portion of payment is capped at a value of €13.5 million (US$15.3 million) with the second payment dependent on the performance of Nova Power.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The deal will give GEP access to overseas markets with Nova active in West and North Africa as well as the Middle East.

Nova has a 500MW deal in place with Total to develop and build solar power plants in Nigeria. Work on the first 125MW plant is expected to begin before the end of this year with 125MW and 150MW plants following in 2016.

In January, GEP took a 50% stake in Spanish mounting manufacturer and contractor, Enersol.

Nova also has a number of project agreements in Morocco and is pre-qualified for a 20MW plant in Ivory Coast.

Mohammed Habbal, president, CEO and co-founder of Nova Power will join the board of GEP.

“The collaboration proven in the past with the current management of GEP allows us to look to the future with confidence and optimism,” said Habbal. “The new Group, composed of GEP, Enersol and of Nova Power, which brings its strong growth potential, has all the ingredients to enable it to realise the opportunities thus generated.”

“We see daily the challenges the production of electricity represents, especially in terms of governance,” said Jean-Marie Santander, president and CEO, GEP. “Now the ‘green growth’ demonstrates that renewable energies are essential in the energy policies of the states and major energy companies. In Africa, only the Maghreb countries or East Africa can count on the wind power, while other countries need to rely on solar power.”

The opportunities for solar in both East and West Africa will be under discussion at two events to be hosted later this year by PV Tech's publisher, Solar Media. Solar & Off-Grid Renewables West Africa will be held in Accra, Ghana, on 21-22 April, while Solar Energy East Africa will take place in Nairobi, Kenya, on 10-11 March.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 10, 2024
Dallas, Texas USA
Solar Media Events
April 17, 2024
Lisbon, Portugal
Solar Media Events
May 1, 2024
Dallas, Texas
Solar Media Events
May 21, 2024
Napa, USA