Veolia Environnement Acquires Ridgeline Energy
Veolia Environnement of Paris announced on Oct. 1 that it has acquired the U.S. company Ridgeline Energy, a specialist in the development of wind energy projects. The acquisition, for a total amount of $72 million (€48.6 million), includes 100 percent 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 U.S. Federal Energy Regulatory Commission (FERC).
Ridgeline Energy was set up in 2001 and focuses on the Pacific Northwest and Western United States: Idaho, Washington, Nevada, Wyoming, Oregon, California, and Utah. These states benefit from areas that are suitable for wind projects and are located near large urban areas where the energy can be consumed such as Los Angeles, San Francisco, Las Vegas, Denver or Phoenix. The Seattle-based company controls the development of a portfolio of projects representing 8,000 MW of identified capacity, of which 4,000 MW are currently under active development. Ridgeline Energy intends to bring close to 2,000 MW of capacity on line by 2012.
Veolia Environnement has been present in the wind energy market since 2007, through Eolfi in which it holds a 50 percent interest. Eolfi is the French leader in the management of investment funds focused on wind energy and is also active in the development of its own wind farms in Europe. Eolfi currently operates 106 MW of capacity in France and is building another 109 MW, part of which will come on line in 2008 and the remainder in 2009.
Veolia Environnement will contribute its interest in Ridgeline to Eolfi.
"This acquisition enables Veolia Environnement to make a significant entry into the rapidly expanding U.S. wind energy. The highly experienced management team at Ridgeline has in-depth knowledge of the energy markets," said Stéphane Caine, executive vice president Industrial and Tertiary Markets and director of new sectors of activity at Veolia Environnement.