May 3 (Renewables Now) - Axpo Holding AG has inked a deal to take over French photovoltaic (PV) company Urbasolar, a transaction that would mark the Swiss energy trader’s entry into the international solar business.
The acquisition, the value of which was not disclosed, is subject to regulatory approvals that should be obtained in the upcoming weeks and months, Axpo said in a statement on Thursday. The Swiss utility first revealed its intention towards Urbasolar last month.
Urbasolar has built a total of 457 plants with a combined capacity of 350 MW since it was established in 2006. Its current portfolio includes operating PV plants totalling 187 MW and the firm also has a development pipeline exceeding 1,000 MW.
Axpo has so far been active in the renewable energy sector though wind park developer Volkswind and now seeks to diversify its portfolio in the field. The Swiss company intends to manage Urbasolar as a subsidiary that focuses on the development, construction, sales and operation of solar plants.