Watson Farley & Williams (“WFW”) advised the shareholders of French renewable energy developer Escofi SAS (“Escofi”) on the legal due diligence and sale of all the company’s shares to Econergy Renewable Energy Ltd. (“Econergy”), an Israel-based European independent power producer (“IPP”).
Escofi’s portfolio comprises 128 MW in commercial operation, 34 MW under construction, 147MW in advanced development stage – with building permits and grid connection approvals in place and construction due to commence between 2028 and 2030 – and 432 MW in early and mid-stage development. The acquisition marks Econergy’s first entry into the French market and a significant milestone in its European growth strategy. Through the acquisition of Escofi’s operational assets and development pipeline, Econergy establishes a strategic platform in one of Europe’s largest renewable energy markets.
Founded in 1988, Escofi is a family-owned renewable energy developer and operator with approximately 40 employees. The company develops and operates wind, solar and hydroelectric projects across France and has established itself as a longstanding player in the French renewable energy market.
Econergy develops, owns and operates utility-scale renewable energy projects across Europe. Active in the solar, wind and energy storage sectors, the company has approximately 2 GW of projects in operation, ready for connection or under construction, as well as a further 9 GW under development.
The WFW Paris Energy team that advised Escofi shareholders was led by Corporate/M&A Partner Thomas Rabain, supported by Public Law and Regulatory Partner Laurent Battoue. They were assisted by Counsel Anne-Kelly d’Amécourt, and Associates Thibaut de Toytot, Laura Carpentier and Thomas Semilinko on corporate/M&A matters and Counsel Antoine Bois-Minot, Senior Associate Juliana Brandao Marques and Associate Amandine Collard on the project aspects of the transaction. Tax expertise was provided by Partner Romain Girtanner and Senior Associate Rym Bouaziz. Counsel Ariane Massonnaud assisted on employment law matters. Finance advice was provided by Senior Associate Julie Michelangeli, Associates Simon Allain and Chloé Moriceau.
Thomas Rabain, Partner, commented: “We are pleased to have supported the shareholders of Escofi on the successful completion of this transaction. Econergy’s acquisition of Escofi highlights the strategic value of well-positioned renewable energy platforms in France”.
