EDF Renewable Energy (EDF RE) on Aug. 25 announced that it has closed the acquisition of OwnEnergy Inc., a national developer of mid-sized wind projects.
The transaction encompasses 100% of OwnEnergy’s assets, including its pipeline of future wind projects. The company’s 20-person team boasts a successful development track record with eight wind projects either in a construction or operating phase, EDF noted. These projects represent 329 MW of developed wind energy assets sold to third parties. In addition, the company has built a robust portfolio of development assets through its innovative local partner business model.
“We are thrilled to welcome the OwnEnergy team to the EDF Renewable Energy family. We worked collaboratively during the due diligence to ensure that our respective cultures and customer oriented focus would fully align. Today, I am happy to make this announcement with the utmost confidence in our future success,” stated Tristan Grimbert, CEO and President of EDF RE. “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.”
EDF Renewable Energy is one of the largest renewable energy developers in North America with 6 GW of wind, solar, biomass, biogas, and storage projects developed and an installed capacity of 3.2 GW.
Marathon Capital served as exclusive financial advisor to OwnEnergy.
EDF Renewable Energy’s North American portfolio consists of 6 GW of developed projects with 3.2 GW of installed capacity throughout U.S., Canada, and Mexico. EDF Renewable Energy is a subsidiary of EDF Energies Nouvelles out of France.
Since OwnEnergy was founded in 2007, it has grown a pipeline of 29 community-supported energy wind farm partnerships across 18 U.S. states. The company works in partnership with its nationwide network of energy entrepreneurs to develop the approximately 2,000 MW of wind farms in its pipeline. OwnEnergy is based in Brooklyn, New York.