Areva SA to sell 50% stake in offshore wind JV for $67.5m to Gamesa

Areva SA to sell 50% stake in offshore wind JV for $67.5m to Gamesa

French nuclear power company Areva SA (EPA:AREVA) will sell its 50% in their offshore wind joint venture Adwen to Spain’s Gamesa (BME:GAM) for US$67.5 million.

Gamesa said the transaction is expected to close in January 2017.

The Spanish company is currently being bought by Siemens (ETR:SIE). When Siemens and Gamesa agreed on their merger in June, they specified that Areva had three months to decide whether to buy out Game’s 50% Adwen stake or to sell it.

Adwen has contracts to build 1,500MW of offshore wind power on the French coast for Engie’s 500MW Noirmoutier and Iberdrola’s 500MW Saint-Brieuc.

The sale will mean Areva’s exit from renewable energies. The company plans to focus on nuclear fuel after EDF takes over Areva’s reactor business.

At the end of the merger with Gamesa, Siemens will control 59% of the company.

@RGNOnline