EDF Renewable Energy scoops up wind energy firm OwnEnergy

Acquisition of New York wind developer sees EDF RE take on 6GW portfolio

US independent power producer EDF Renewable Energy has acquired New York firm OwnEnergy, a national developer of midsize wind projects.

EDF Renewable Energy (RE) is currently one of the largest renewable energy companies in North America, with an existing portfolio comprising 6GW of wind, solar, biomass, biogas, and storage projects. The firm maintains an installed capacity of 3.2GW.

OwnEnergy currently has eight wind projects under its portfolio, either in construction or operating phases, totalling 329MW of developed wind energy assets sold to third parties. The acquisition encompasses 100% of OwnEnergy's assets, including its 'pipeline of future wind projects' amounting to nearly 2GW of renewable energy.

Tristan Grimbert, chief executive and president of EDF RE, said: “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.”

The agreement follows a comprehensive market search carried out by Marathon Capital, the company responsible for selling OwnEnergy to EDF RE.

OwnEnergy, chief executive Jacob Susman, said: “We are proud to have proven that the mid-market for wind can be viable with a systematic approach to development and that bringing local partners onto the development team and into the projects is a key aspect to success. We are very excited about our new home at EDF Renewable Energy and are thankful for Marathon's role in facilitating this transaction.”

Financial details about the project have not been disclosed.