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Wind power and M&A: a moveable feast
Source: Environmental News Network (ENN)
Multi-billion dollar renewable energy enterprises seem to have sprung up full-blown practically overnight, providing investment bankers, venture capitalists and financiers with their latest moveable feast. Wind power projects and companies were among the first to attract serious attention and capital. While solar and biofuels have likewise come to the fore, wind power investment continues to grow at a healthy clip, constrained more by a lack of key materials than by lack of capital, opportunity, industry or even political will.
Take Airtricity Holdings, for instance. Just four years after beginning to develop wind power projects in North America, signed off on a deal to sell the business to German utility E.ON for US$1.4 billion in order to concentrate on its European business. Less than three months later, early this month, management decided its best course of action was to sell that business, for something like €1.83 billion (US$3.59 billion), to Scottish & Southern Energy, which itself recently moved into the #2 spot as a producer and distributor of electricity and natural gas in the U.K.
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