The subsidiary of EDF dedicated to renewable energy, announced on July 4 that the financial markets Authority (AMF) has been found to comply with the public offer of purchase simplified that it has launched on Futuren. It will be open from 6 to 19 July on the basis of a unit price of 1.15 euros per share and 9,37 euros of bonds convertible and/or exchangeable for (the ocean) it does not hold. It is a result of the redemption, in may, the majority of the capital of Futuren by EDF, which holds to this day 70,93% of the shares and 70,65% of the voting rights of Futuren.
Geographical complementarity
Antoine Cahuzac, ceo of EDF has recalled Wednesday at a press briefing the interest represents for the company the acquisition of Futuren : a “pure player” of the wind farm, located in countries considered (France, Belgium, Italy, Germany, Morocco) strategic for the group, already broken to the techniques of the repowering, in which he sees an important growth relay for the coming years. It is, at the end of the period purchase obligation, to extend the life of a park to increase its profitability and optimising the operation of a site that has already been agreed locally. A significant part of the parks operated by Futuren in Germany and Morocco will reach this phase in a few months. According to the european association WindEurope, almost half (76 GW) of wind power installed in 2015 in the european Union is expected to arrive in end-of-life between 2020 and 2030.
Emphasizing the group’s willingness to reinforce Germany, the director-general has also announced the resumption of OWS Offshore wind solutions) for an undisclosed amount. Specialized in the maintenance of offshore wind farms, an activity with high added value, OWS is in addition to Reetec, another subsidiary of EDF in Germany in the construction, operation and maintenance of onshore wind farms .
Accelerate on the French market
In addition, this acquisition fits in the strategy of the group, called CAP2030, which provides for a doubling of its renewable energy capacity by 2030.
But what is more new, for a group that was largely developed at the international in recent years, it is the emphasis on the French market. “We have the second potential of wind in Europe,” said Antoine Cahuzac, regretting that he is not better exploited.
Touting the marginal cost of almost zero wind, the gains in competitiveness observed in recent years, and the will French policy to promote the development of renewables, it acknowledges propose a premium of approximately 38.6% over the last Trading price, when the market average is more around 30%.
If it is always less costly to develop its own parks (greenfield), buy a park operations and development allows us to accelerate on a market in full concentration. “It has happened a lot of things in three or four years (on the French market of renewable energies, editor’s note),” said Antoine Cahuzac, in particular making reference to the end of the tariffs, purchase obligation, which makes the market more competitive and more accessible to large groups as well as actors of a more modest size.
The concentration movement is only beginning
This is why the movement of concentration, that reflects in particular the ongoing recovery of Quadran by Direct Energie, “is only beginning”. Engie, the precursor of the movement with the reversal – surging – of the Company of the Wind in 2007, continues to consolidate small players, and Total – who had already acquired the belgian Lampiris – makes no secret of his project to create the means to propose in the coming months with offers of green electricity. And in this context, EDF IN the “prefer not to let another actor take over Futuren” in its place.
The existing stock and the portfolio of projects, without recourse (for a total of 557 MW gross, of which 159 MW in France should enable EDF to achieve a share of the French market of the wind between 12 and 13%, just behind Engie. The declared objective of his DG is to reach 15% to 16% and to maintain in a market that is undergoing profound restructuring. Other acquisitions are not excluded, even if they should not often obtain the amount of 320 million euros paid for the recovery of Futuren.
