French infrastructure giant VINCI has signed an agreement to buy ACS’ energy business in a deal worth €4.9 billion (£4.2bn).
The acquisition includes ACS’ renewables development platform, which consists of 4.4GW of developed projects over the last three years as well as eight greenfield concessions under development and/or construction, mainly in the electrical transmission field.
VINCI and Spain’s ACS also intend to develop a partnership through a joint venture, with the right to acquire mature renewable energy assets, i.e. those that are fully developed, built and connected to the grid, at market terms.
The joint venture would be 51% owned by VINCI.
Xavier Huillard, Chairman and CEO of VINCI said: “This acquisition is a unique opportunity for VINCI to create a global player in energy contracting and to develop renewables projects, remarkably fitting its strategy. The Group is delighted to welcome an outstanding management team and a skilled workforce of around 45,000 people.
“Synergies derived from complementary geographies, technical expertise and integrated business model will be a significant asset to win new projects and to seize greenfield renewable energy opportunities. We will capitalise on ACS’ recognised track record to enhance VINCI’s contribution to the climate transition and pursue our environmental ambition together.”
The acquisition is subject to customary regulator approvals and is expected to close at the end of 2021.