LPA-CGR avocats assists EnBW within the acquisition of VALECO in France

Paris, June 4th 2019

LPA-CGR avocats assists EnBW within the acquisition of VALECO in France

LPA-CGR avocats advised EnBW Energie Baden-Württemberg AG in the acquisition of the French developer and operator of wind and solar farms VALECO. EnBW’s bid was previously accepted in a highly competitive field of bidders. The acquisition strengthens EnBW’s activities in the renewable energy sector over the long term as a key future business area for the company and at the same time secures growth opportunities in one of the most important markets for renewable energy in Europe.

VALECO is based in Montpellier and is one of the Top 10 operators of renewable energy farms on the French market. The company employs around 135 people in the onshore wind and solar sectors and is active along the entire value added chain throughout France from development and construction through to operation. With an installed capacity of 276 megawatts of onshore wind power and 56 megawatts of solar power, as well as a project pipeline of 1,700 megawatts, VALECO reported an annual turnover of around 50 million euros last year. Alongside the company headquarters in Montpellier, VALECO also has project development offices in Amiens, Nantes and Toulouse.

The previous owners of VALECO were the founding family Gay and the bank Caisse des dépôts et consignations (CDC).

The acquisition of VALECO increases the renewables portfolio of EnBW by an impressive 31 percent right from the start – and will also make an immediate contribution to the EnBW Group’s operating result. Over the last few years, EnBW has already installed more than 1,200 megawatts of generation capacity from renewable sources.

EnBW has invested around three billion euros to date in the expansion of renewable energy as part of its strategy EnBW 2020. The company plans to invest more than five billion euros by 2025 in the further expansion of renewable energy in Germany and selected foreign markets. Since 2018, EnBW has been active itself in France and has been developing the onshore wind and solar business together with its subsidiary EnBW Energies Renouvelables SAS. EnBW is one of the largest energy companies in Germany and Europe with a workforce of more than 21,000 employees. It supplies electricity, gas and water, as well as energy solutions and energy industry services, to around 5.5 million customers.

The M&A team of LPA-CGR avocats that advised the EnBW group was led by Philippe Raybaud (partner), Wyssam Mansour, Adrien Launay and Delphine Roullier-Pâris. Hélène Gelas (partner), Tatiana Boudrot and Charles Bressant were involved on regulatory and public law matters. Alexandre Bensoussan (partner), Rudy Jourdan (counsel) and Fatou Dione covered employment law aspects. Philippe Jacques, Géraldine Piedelièvre (partners), Ahlam Guessoum, Gabriella Benarrosh and Typhaine Geoffroy were involved on leases and real estate aspects. Prudence Cadio (partner) and Olivia Roche covered intellectual property matters.