Paris-based Veolia Environment has acquired Seattle-based Ridgeline Energy, a wind project developer with 8,000 MW of identified capacity, of which 4,000 MW are currently under development. The $72 million acquisition includes 100% of the company's share capital and may give rise to an additional sum for 1,500 MW of capacity that is ready to be built.
The transaction has been approved by the Federal Energy Regulatory Commission.
‘This acquisition enables Veolia Environment to make a significant entry into the rapidly expanding U.S. wind energy market,’ says Stephane Caine, executive vice president of industrial and tertiary markets and director of new sectors of activity at Veolia Environment. ‘The highly experienced management team at Ridgeline has in-depth knowledge of the energy markets. Veolia Environment will have as a base project portfolio representing a capacity of about 7,000 MW in active development, located on both sides of the Atlantic and focused on areas undergoing rapid growth.’
Veolia Environment entered the wind energy market in 2007 through wind developer Eolfi, in which it holds a 50% interest. Veolia Environment will contribute its interest in Ridgeline to Eolfi.
SOURCE: Veolia Environment