SAN DIEGO & BROOKLYN, N.Y.--(BUSINESS WIRE)--EDF Renewable Energy (EDF RE) today announced that it has closed the acquisition of OwnEnergy, Inc. (OwnEnergy) – a national developer of mid-sized wind projects. The transaction encompasses 100% of OwnEnergy’s assets, including its pipeline of future wind projects.
Since its founding in 2007, OwnEnergy has demonstrated its acumen to build partnerships with individuals, companies and communities with one simple goal: to create a platform for local clean energy entrepreneurs to lead the development of renewable energy projects. Today, the 20-person team boasts a successful development track record with eight wind projects either in a construction or operating phase. These projects represent 329 megawatts (MW) of developed wind energy assets sold to third parties. In addition, the company has built a robust portfolio of development assets through their innovative local partner business model.
“We are thrilled to welcome the OwnEnergy team to the EDF Renewable Energy family. We worked collaboratively during the due diligence to ensure that our respective cultures and customer oriented focus would fully align. Today, I am happy to make this announcement with the utmost confidence in our future success,” stated Tristan Grimbert, CEO and President of EDF RE. “OwnEnergy’s business model taps into the entrepreneurial spirit of farmers, ranchers and other community leaders across the country with a focus on the mid-size market of off-takers. Their community partner approach will continue under the EDF Renewable Energy brand.”
“Joining an entrepreneurial powerhouse like EDF Renewable Energy is a perfect fit for us,” said Jacob Susman, CEO of OwnEnergy. “They are acquiring us for the same reason that brand name corporations are buying our clean power - we are a successful entrepreneurial company that puts the community first. Our management team was able to scale the business in the face of a tough economy and an unstable policy environment. We are proud of the business OwnEnergy has built and look forward to developing more community-centric wind farms alongside our new EDF RE colleagues.”
EDF Renewable Energy is one of the largest renewable energy developers in North America with 6 gigawatts (GW) of wind, solar, biomass, biogas, and storage projects developed and an installed capacity of 3.2 GW.
Marathon Capital served as exclusive financial advisor to OwnEnergy.
About EDF Renewable Energy:
EDF Renewable Energy is a leading U.S. independent power producer with more than 25 years of expertise in the renewable industry, covering all range of services from project development, management to operations and maintenance. EDF Renewable Energy specializes in wind and solar photovoltaic with presence in other segments of the renewable energy market: biogas, biomass, hydro, marine energy and storage solutions. The company develops, constructs, operates and manages renewable energy projects throughout the United States for its own accord as well as for third parties. EDF Renewable Energy’s North American portfolio consists of 6 gigawatts of developed projects with 3.2 gigawatts of installed capacity throughout US, Canada, and Mexico. EDF Renewable Energy is a subsidiary of EDF Energies Nouvelles. EDF Energies Nouvelles is the renewable energy arm of the EDF group, the leading electricity company in the world. For more information visit: www.edf-re.com
About OwnEnergy – an EDF Renewable Energy Company:
OwnEnergy is the national leader in mid-sized wind energy development that enables landowners and communities to build and profit directly from their own local wind farms. Since OwnEnergy was founded in 2007, it has grown a pipeline of 29 community-supported energy wind farm partnerships across 18 U.S. states. The Company works in partnership with its nationwide network of energy entrepreneurs to develop the approximately 2,000MW of wind farms in its pipeline. The power of the company’s business model is reflected in the eight projects it has already successfully developed. OwnEnergy is based in Brooklyn, New York. For more information about OwnEnergy visit www.ownenergy.net.
