France

France

Siemens-Gamesa reported to buy Adwen

FRANCE: Areva will sell its share of Adwen to Gamesa and Siemens tomorrow "barring any dramatic turn of events", according to French newspaper Le Figaro.

Gamesa-Siemens look set to acquire Areva's 50% stake in Adwen
Gamesa-Siemens look set to acquire Areva's 50% stake in Adwen

Gamesa-Siemens are expected to pay €60 million for the 50% stake, the paper states.

Up until now Gamesa and Areva held 50% each of Adwen. However, after Siemens and Gamesa announced its merger in June, Areva was given three options: to sell its 50% to Gamesa; buy Gamesa's stake; or sell to a third party.

Areva reportedly rejected an offer by GE in August, and now has until 17 September to make a decision.

Areva, which is desperately short of cash to fund its nuclear energy commitments, "wants to limit its future risks" in its wind energy activities, Le Figaro stated. However, the takeover by Gamesa-Siemens will still have to be approved by the European Commission.

While Adwen's 8MW machine is still under development, the company is set to supply 186 machines to French projects awarded to Engie and Iberdrola. Adwen is also committed to building factories at Le Havre, northern France, creating 700 jobs.

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