The German utility MVV Energie has acquired a dominant 50.1% stake in the renewable energy project developer Juwi, according to recent reports.
According to the German energy company, the Juwi acquisition is intended to result in the expansion of renewable energy development and deployment in the region.
As it stands currently, the deal is still conditional — based on the completion of Juwi’s planned restructuring. Given that Juwi is one of Germany’s largest developers of wind energy and solar energy projects, the partnership could represent a big change in the industry there.
According to the CEO of MVV Energie, Georg Müller, the acquisition is a big deal for the MVV group: “The transformation currently underway in the German energy supply is all about combining renewable and conventional energies as key pillars of the future energy system in a way that makes both economic and ecological sense. Others talk about the energy turnaround. We are making it happen.”
As per the new arrangement, the founders of Juwi, Fred Jung and Matthias Willenbacher, will retain a combined 49.9% minority stake in the company.
It’s currently expected that the deal will be completed by the end of the year, but the timeline is dependent upon the previously mentioned restructuring; approval by the banks and financial institutions involved; and approval by the German Federal Cartel Office.
Beyond that, the exacts of the deal haven’t yet been revealed.
With Germany’s economy seemingly coming to a standstill recently, and the economic future of the wider eurozone remaining something of an open question, it’ll be interesting to see what happens with this deal. Perhaps it will make the new partnership strong enough to make headway despite the challenges?
Image Credit: MVV Energie
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