EDF Renewable Energy has acquired OwnEnergy Inc., the US developer of mid-sized wind-energy projects, for an undisclosed amount.
The transaction encompasses 100% of OwnEnergy’s assets, including its pipeline of future wind projects. Since its founding in 2007, OwnEnergy has developed or is developing 329 megawatts of wind-energy assets sold to third parties. In addition, the company has built a robust portfolio of development assets through their innovative local partner business model.
“We are thrilled to welcome the OwnEnergy team to the EDF Renewable Energy family,” said Tristan Grimbert, CEO and President of EDF RE. “We worked collaboratively during the due diligence to ensure that our respective cultures and customer oriented focus would fully align.
“OwnEnergy’s business model taps into the entrepreneurial spirit of farmers, ranchers and other community leaders across the country with a focus on the mid-size market of off-takers. Their community partner approach will continue under the EDF Renewable Energy brand.”
“Joining an entrepreneurial powerhouse like EDF Renewable Energy is a perfect fit for us,” said Jacob Susman, CEO of OwnEnergy. “They are acquiring us for the same reason that brand name corporations are buying our clean power – we are a successful entrepreneurial company that puts the community first. Our management team was able to scale the business in the face of a tough economy and an unstable policy environment. We are proud of the business OwnEnergy has built and look forward to developing more community-centric wind farms alongside our new EDF RE colleagues.”
Marathon Capital was the financial advisor to OwnEnergy.