Wind power: AREVA sells its minority stake in REpower
FINANCE / RENEWABLE ENERGY
June 05, 2008
AREVA announces the sale of its 30% stake in wind turbine manufacturer REpower to Suzlon, generating a capital gain of more than 350 million euros.
This announcement follows on from an agreement signed on May 24, 2007 by the two companies, giving AREVA the possibility of selling its shares to Suzlon at a guaranteed price.
The development of CO2-free energy sources, including renewables, is at the heart of the group's strategy.
In September 2007, the group strengthened its position on this market by acquiring a 51% stake in Multibrid, a German wind turbine manufacturer specialized in high-power offshore wind turbines.
The group's spokesperson, said "Acquiring Multibrid gave us a firm foothold on the offshore wind market and access to state-of-the-art technology. It therefore made sense for us to sell our stake in REpower and concentrate on other strategic investments".