Veolia Buys US Wind Power Co Ridgeline Energy For EUR48.6 Million
Wednesday October 1st, 2008 / 11h39
PARIS -(Dow Jones)- French utility Veolia Environnement SA (VE) Wednesday said it has bought U.S. wind-power developer Ridgeline Energy LLC for EUR48.6 million, a move designed to tap a growing U.S. wind market. Seattle-based Ridgeline controls the development of a portfolio of 8,000 megawatts of capacity already identified, of which around 4,000 MW are in active development, Veolia said. Veolia entered the wind power market in 2007 by taking a 50% stake in the French wind project developer Eolfi. Buying Ridgeline is part of Veolia's strategy of developping new sectors of activity which are directly complementary to its traditional businesses and expertise, the company said. Veolia said it paid $72 million for Ridgeline and the deal has the backing of the U.S. federal energy regulator, the FERC. -By Adam Mitchell, Dow Jones Newswires; +33 1 40171740; adam.mitchell@dowjones.com Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/al?rnd=cN9izTttzEYnp%2BVDiKDWSA%3D%3D. You can use this link on the day this article is published and the following day.
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