Renewable Power Developer RES Looks to Sell Stake in French Unit
(Bloomberg) -- U.K. green-power developer Renewable Energy Systems Ltd. is looking to sell a stake in its French business to fund renewables growth globally.
The company has appointed Rothschild and Co. to help raise capital, including from selling a stake in the clean-energy development and construction business in France, a spokesperson for RES said.
Renewable power assets are increasingly in demand from investors looking to benefit from a worldwide pivot toward stricter environmental norms. Major energy companies, including some of the world’s bigger oil majors, are also seeking to boost their green credentials by snapping up clean projects and lowering their carbon footprint.
Developers like RES tend to offload projects once they’re operating. The company recently expanded support services in France with the launch of a dedicated operations and maintenance division. It would retain this unit as part of a plan to expand the business along with asset management work globally.
The sale includes about 5 gigawatts of wind farms and solar parks under various stages of development, with a small portion ready to be built, according to people familiar with the matter, who asked not to be identified because the details aren’t public.
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