AREVA invests in the wind energy industry
FINANCE / RENEWABLE ENERGY
September 27, 2005
The AREVA group today announced that it had purchased a 21.1% stake in REpower, a wind turbine manufacturer based in Hamburg. REpower is one of the leading players in the worldwide wind energy sector, specializing in high output turbine technology particularly suitable for off-shore turbines. The company employs 558 people and posted revenues of 301 million euros in 2004.
This acquisition reinforces AREVA's strategic position in CO2 free generation and electricity transmission and distribution. Nuclear and wind energy complement each other in a balanced energy mix, with one supplying competitive energy as a basic product and the other additional energy depending on climate conditions. Neither emit greenhouse gases.
REpower offers sales and industrial synergies with AREVA's Transmission and Distribution division. Transmission and distribution represents a considerable share of wind energy investment given the technical difficulties encountered by the electricity transportation network due to intermittent production. AREVA is one of the leading players on this very specific market. Investment in transmission and distribution can amount to almost 25% of the total investment in off-shore technologies.
AREVA will provide REpower with the resources it needs to develop in terms of financial support and its knowledge of utility customers and grid managers.