German energy supplier Energie Baden-Württemberg AG (EnBW) has submitted a binding offer to buy the Valeco Group, a French wind and solar energy developer.
It has submitted a binding offer to the owners of the organisation and aims to acquire 100% of the shares in the company.
The owners have now selected EnBW as the exclusive bidder – its staff council now has the opportunity to be consulted on the terms of the offer.
This stage has now begun and will have to be completed before the parties enter into a binding agreement to sell – both parties have agreed not to disclose the exact details of the offer.
EnBW CEO Frank Mastiaux said: “For EnBW, this is another important step on the way to making renewable energy a cornerstone of the company’s business. We see good prospects for common growth in France.”
The firm also unveiled a €12 billion (£10.3bn) investment plan, a large part of which will be spent on developing renewable energy infrastructure and smart technologies.
It announced it expects to take on 3,600 new employees by the end of 2021.
EnBW recently stated it wants to build the largest solar power plant in Germany without any subsidies.