juwi, a Germany-based renewables developer, has announced a deal to sell a 50.1% majority stake in the company to MVV Energie AG, another German energy player.
MVV will acquire the shareholding interest in juwi via a capital increase, and the transaction is expected to close no later than Dec. 31. Financial and organizational details of the deal were not disclosed.
juwi says the new strategic partnership is an important milestone that will strengthen and enhance its core business of project development, construction, and operations and maintenance. MVV, meanwhile, plans to further expand its commitment in the renewable energy sector through the new investment.
Fred Jung and Matthias Willenbacher, the co-founders of juwi, will jointly hold 49.9% of the company's shares. The co-founders note they have been realigning and reorienting their company to the constantly changing political framework ever since the German market for large-scale solar plants slumped in 2012.
Looking ahead, juwi plans to continue expanding its project pipeline globally. Stephan Hansen, the juwi executive board member responsible for international business, says, "In a global context, there is enormous potential for the efficient use of renewable energy, particularly wind and solar energy. In light of our outstanding accomplishments as a project development and EPC partner on almost every continent, we want to harness these opportunities and continuously expand our international business"