Juwi has secured a new €300 million (US$377 million) finance package, clearing a key hurdle for its proposed takeover by MVV Energie.
Juwi agreed the deal in October but the deal was dependent on the completion of the financial restructuring. The path is now cleared for utility MVV to take its 50.1% stake in the developer and will inject €99.4 million (US$124.7 million) of equity into the business.
Previous owners Fred Jung and Matthias Willenbacher will retain a 49.9% stake and remain as CEOs of the juwi group. MVV will appoint a chief financial officer.
“We are…linking renewable and conventional energies along the entire value chain. By offering an integrally connected, one-stop supply, we are laying a key foundation for the future energy system,” said Dr. Georg Müller, CEO, MVV Energie AG.
The company will look to step up activity in Germany as well as in “select markets” overseas.