Germany, February 28, 2023 – EDF Renewables, a major global renewable energy player, announces the acquisition of 17 greenfield photovoltaic projects in Germany with a total capacity of 529 MWp, from MEC Energy, a German project developer and part of the Düsseldorf-based MEC Group.
Located in the northern and north-eastern parts of Germany, these photovoltaic projects under development will contribute to the EDF group strategy CAP 2030 which aims at more than doubling its renewable net capacity from 28 GW to 60 GW between 2015 and 2030.
EDF Renewables has been selected as a preferred bidder following a process launched by MEC Energy in 2022. The transaction was based on a conditional sale and purchase agreement, including development service arrangements for the 17 ground-mounted PV projects. Representing a total installed capacity of 529 MWp, the pipeline contains individual project sizes of up to 99 MWp situated across Lower Saxony, Saxony-Anhalt, Mecklenburg Western Pomerania and Brandenburg with expected ready-to-build dates between 2024 and 2025.
This acquisition adds to EDF Renewables’ existing owned portfolio of around 180 MW of onshore wind power in Germany. EDF Renewables is thus contributing to the German government’s Climate target to reach 80% of renewable electricity by 2030.
In the meantime, MEC Energy’s team gains access to EDF Renewables’ project execution, utility experience, financial standing and international network through this cooperation. MEC Group combines extensive experience in renewable energies with a background in the IT and Telecommunication sector which is bundled under the brand MEC Energy. Utilizing its expertise, MEC Energy has developed a highly digitized, innovative and scalable site acquisition process.
Johnathan Fraser, CEO of EDF Renewables Germany, said: “This transaction is a perfect match between two companies with complementing competences and experiences in solar energy. It demonstrates EDF Renewables’ commitment to expanding its engagement in Germany supporting the local energy transition with 529 MWp of new PV projects by 2025.”
Alexander Dierkes, CEO of MEC Energy, added: “We are proud to partner with EDF Renewables, a leading global renewable energy player. The acquisition of our 17 PV projects is a significant step for us and we look forward to continuing our growth in the renewable energy sector.”
Capcora, a German consulting company, acted as the exclusive sell-side M&A advisor to MEC Energy.