Municipal energy company, MVV Energie is planning to take over 50.1 percent of struggling Juwi renewable firm in Germany by the year end through a capital increase, reports Wind Power.
The deal will be depending on a financing concept implementation linking banks and other creditors for getting approval from the federal cartel office as confirmed by MVV.
Juwi founders Fred Jung and Matthias Willenbacher will together own 49.9 percent.
This drive is part of MVV Energie’s 2020 strategy, launched in 2009, to get renewable and conventional energies working together economically and ecologically as pillars of the future energy system, said, Georg Müller, chairman.
Juwi, founded in 1996, employs 1,000 people and achieved annual revenue of up to EUR 1 billion.
It has installed over 1.5GW of wind energy and more than 1.4GW of solar capacity as well as biogas plants.
Changes in the market caused a slide into financial difficulties at Juwi, prompting the start of a broad restructuring, MVV Energie officials stated.
The company got connected to Juwi, when MVV took over its renewable plant generated electricity marketing in Germany.
The deal is the second acquisition of MVV Energie in wind segment announced in four weeks. Earlier, it acquired troubled wind firm Windwärts after announcing the deal on 25 September.
Vishal Kawadkar
[email protected]