Watson Farley & Williams (“WFW”) has advised leading French developer Akuo Energy on the sale of a 34.6% stake and all of its shareholder loans in Fujin SAS, a holding company owning five operational onshore wind farms in France with a total capacity of 87.8 MW, to British investment fund The Renewables Infrastructure Group Limited (“TRIG”), managed by InfraRed.
The wind farms – Rully, Fontaîne-Macon, Les Vignes, Val de Gronde and Porcien – are located in the French regions of Normandy, Aube, Indre, Hauts-de-France and Ardennes respectively.
Akuo Energy remains the majority shareholder and will continue to operate the windfarms, benefiting from inflation-linked feed-in-tariffs with French utility company EDF.
Akuo Energy’s wind projects span the globe, representing 847 MW out of its 1,195 MW overall renewable energy portfolio both in service and under construction, which also includes solar, biomass and hydro projects. This transaction is one of two recent French onshore wind acquisitions by TRIG increasing the share of its portfolio located in France from 10% to 13%.
The WFW Paris team advising Akuo Energy was led by Tax Partner and WFW Paris Head Romain Girtanner, supported by Corporate Partner Thomas Rabain. They were assisted by Tax Associate Hélène Ibos and Corporate Senior Associate Guillaume Pouyet and Associate Mohamed Douib on the implementation of the corporate joint venture between Akuo Energy and TRIG.