EDF Renewable Energy acquires OwnEnergy
EDF Renewable Energy has closed the acquisition of OwnEnergy, a USA developer of mid-sized wind projects.
The transaction encompasses 100% of OwnEnergy’s assets, including its pipeline of future wind projects. Marathon Capital served as exclusive financial advisor to OwnEnergy.
Since its founding in 2007, OwnEnergy, the 20-person team has developed eight wind projects either in a construction or operating phase. These projects represent 329 MW of developed wind energy assets sold to third parties. In addition, the company has built a robust portfolio of development assets through their innovative local partner business model.
Tristan Grimbert, CEO and President of EDF RE, stated:
“We are thrilled to welcome the OwnEnergy team to the EDF Renewable Energy family. We worked collaboratively during the due diligence to ensure that our respective cultures and customer oriented focus would fully align. Today, I am happy to make this announcement with the utmost confidence in our future success. OwnEnergy’s business model taps into the entrepreneurial spirit of farmers, ranchers and other community leaders across the country with a focus on the mid-size market of off-takers. Their community partner approach will continue under the EDF Renewable Energy brand.”
Jacob Susman, CEO of OwnEnergy, commented:
“Joining an entrepreneurial powerhouse like EDF Renewable Energy is a perfect fit for us. They are acquiring us for the same reason that brand name corporations are buying our clean power - we are a successful entrepreneurial company that puts the community first. Our management team was able to scale the business in the face of a tough economy and an unstable policy environment. We are proud of the business OwnEnergy has built and look forward to developing more community-centric wind farms alongside our new EDF RE colleagues.”
EDF Renewable Energy is one of the largest renewable energy developers in North America with 6 gigawatts (GW) of wind, solar, biomass, biogas, and storage projects developed and an installed capacity of 3.2 GW.
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