Germany-based energy group EnBW Energie Baden-Württemberg has acquired Valeco, a French developer and operator of wind and solar farms. Financial details of the deal have not been divulged by either company.

The acquisition was completed after the receipt of approval from authorities and the French Minister for the Economy and Finance. Based in Montpellier, Valeco has a workforce of 135 people in the onshore wind and solar sectors. It posted around €50m in annual turnover in 2018.

Valeco has an installed capacity of 276MW of onshore wind power and 56MW of solar power, as well as a project pipeline of 1,700MW.

EnBW CEO Frank Mastiaux said: “The acquisition of Valeco marks a significant step forward in the rigorous expansion of EnBW in renewable energy to make them one of the main pillars of the company.

“In addition, the target of reaching 1,000MW of installed capacity in the onshore wind sector by 2020 has now nearly been achieved.

“With Valeco, we now have one of the most experienced players on the French renewable energy market at our side. We will exploit the growth opportunities together and become one of the Top five players on the French wind and solar market in the medium term as strong partners.”

The latest acquisition increases EnBW’s renewable portfolio by 31%. The company has been an active player in the French market since last year. The company also has plans to invest over €5bn to further renewable energy expansion in Germany and select overseas markets by 2025.