Veolia Environnement (Paris:VIE) has
acquired Seattle, Washington-based Ridgeline Energy for $72 million.
Ridgeline controls the development of a portfolio of
projects representing 8,000 megawatts (MW) of identified capacity, of which 4,000
MW are currently under active development. The company focuses on the Pacific
Northwest and Western United States, with projects in Idaho, Washington, Nevada,
Wyoming, Oregon, California and Utah.
The sale includes 100% of the
company’s share capital and may give rise to an additional sum for
1,500 megawatts (MW) of capacity that is ready to be built.
The transaction has been approved by the US Federal Energy
Regulatory Commission (FERC).
Veolia Environnement has been present in the wind energy market
since 2007, through Eolfi in which it holds a 50% interest. Eolfi is
the French leader in the management of investment funds focused on
wind energy and is also active in the development of its own wind
farms in Europe.
Eolfi currently operates 106 MW of capacity in France
and is building another 109 MW, part of which will come on line in
2008 and the remainder in 2009. By the end of 2008, installed capacity
will therefore be more than 160 MW. Eolfi also has fully approved
permits representing capacity of 230 MW and is now developing a
portfolio of projects (identified or in the active development stage)
representing potential capacity of 3,000 MW, mainly in France, Greece
and Poland.
Veolia Environnement will contribute its interest in Ridgeline to
Eolfi.
"This acquisition enables Veolia Environnement to make a
significant entry into the rapidly expanding US wind energy. The
highly experienced management team at Ridgeline has in-depth knowledge
of the energy markets. Veolia Environnement will have as a base
project portfolio representing capacity of about 7,000 MW in active
development, located on both sides of the Atlantic and focused on
areas undergoing rapid growth" said Stéphane Caine, Executive Vice
President Industrial and Tertiary Markets and Director of new sectors
of activity at Veolia Environnement.
About Veolia Environnement
Veolia Environnement is a
leader in environmental services. With more than 319,000 employees the
company has operations all around the world and provides tailored
solutions to meet the needs of municipal and industrial customers in
four complementary segments: water management, waste management,
energy management and freight and passenger transportation.
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