Struggling PV project developer juwi has sold a majority holding in the company to German utility MVV Energie for an undisclosed sum.
MVV Energie is taking a 50.1% majority shareholding in juwi and expects the deal to be finalised after juwi completes its restructuring, which is expected before the end of 2014.
Juwi founders, Fred Jung and Matthias Willenbacher, will retain a 49.9% stake in the company and reiterated that the project developer would continue to pursue its plan of focusing on PV projects internationally in the future.
Georg Müller, chief executive of MVV Energie said: “The ongoing transformation of energy supply structures in Germany centres on an efficient and environmentally friendly combination of renewable and conventional energies as pillars in the energy system of the future.”
MVV Energie had acquired bankrupt wind developer, Windwaerts Energie, at the beginning of October. Juwi noted it had completed 20 wind projects in Germany this year totalling around 200MW and had a further 100MW under construction.
“We are optimistic we will bring the remaining aspects of our restructuring and reorientation to a successful conclusion in the coming months,” noted Jung and Willenbacher.
Many German utilities are loss making due to the deployment of renewables and their limited involvement in developing projects and access to revenue streams.