Press release -
Obton acquires French independent power producer Coruscant specialized in solar development
Obton today announces a historic deal to acquire 100% ownership of the French IPP and solar developer Coruscant SA. The acquisition marks the single largest transaction in Obton’s history and comes as part of Obton’s strategy to continue its growth and build its position in the highly competitive market for solar energy in France.
Under the agreement, Obton will take over a portfolio of 30 MWp of solar projects under operation and another 20 MWp under construction, a promising pipeline of project rights, and an office in Paris with nine highly competent employees who will now become colleagues of the existing staff of 70 employees in Denmark.
“We have had a very constructive cooperation with Coruscant, and they have exhibited great professionalism throughout the process. Both parties have worked diligently to complete the transaction, so we were ecstatic when the final documentation was signed,” says Mikkel Berthelsen, Chief Legal Officer at Obton.
Coruscant CEO Thierry Mueth also lauds the agreement with Obton:
“We are celebrating the company’s 10-year anniversary with the addition of a financially strong partner in Obton, which enables us to capitalise on developments we are seeing in the French solar market. The collaboration between Obton and Coruscant helps to ensure that we now have the means to realise our ambitions.”
After entering the French market nearly four years ago, Obton has long held intentions of further expanding its presence in the country. The acquisition of Coruscant brings these intentions to fruition, fuelling Obton’s continued strong expectations for new solar projects and future returns in France.
“We are very pleased to acquire one of the most experienced and progressive solar players in the French market. Their expertise and knowledge of the French solar market is critical to our remaining an active player in the market in the coming years,” says Anders Marcus, Chief Executive Officer at Obton.
Coruscant will continue its activities in the company under the same name.
With the newly concluded deal, Obton now manages more than 110 MWp of solar projects in France with a combined value of more than €350 million.
Obton is an investment and management company specialized in renewable projects. Obton represents retail investors and manages a rapid growing PV-portfolio of more than 300 MW with an enterprise value of EUR 720m. The plants are primarily located in France, Italy, Germany, Belgium and the Netherlands.