German energy giant E.ON has continued its push into the solar energy market with the announcement it has agreed to acquire French solar farm developer Société Conilhac Energies S.A.S. for an undisclosed sum.
The company said that the share-based takeover of Conhilac will significantly extend its portfolio of solar projects as it seeks to meet its target of generating 35 per cent of its energy from renewable sources by 2030.
Conhilac specialises in developing solar photovoltaic projects in the south of France and is reported to have a sizeable pipeline of new projects in development.
The deal follows the recent opening of E.ON's first solar farm near the southern French town of Le Lauzet. The 20 hectare development currently boasts an installed capacity of one megawatt and E.ON said that it will extend the facility to deliver 5MW of capacity if it can secure an appropriate grid connection.
E.ON said in a statement that it regards France as one of Europe's most important solar energy markets and predicted that the acquisition of Conhilac will allow it to continue to rapid development of its French solar portfolio.
It also predicted that the wider photovoltaic market will expand rapidly over the next 10 years as costs fall. "E.ON anticipates that solar energy will follow a growth path over the coming decade similar to the one that wind energy experienced in the last decade," the company said. "For that reason, E.ON is developing today the capabilities required to add solar energy to its generation mix."
The move follows an announcement in May from the French government that it is to invest €1.5bn (£1.3bn) in a major solar energy building programme designed to add more than 200MW of capacity within the next two years.
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