Altarea acquires French rooftop solar developer Prejeance from Repsol

French real estate investor Altarea SCA (EPA:ALTA) said it has finalised the acquisition of Prejeance Industrial, a developer of rooftop solar projects in France, from Spanish energy group Repsol SA (BME:REP).

The acquisition strengthens Altarea’s solar development platform in France, in line with its strategic decision to take on new activities.

Prejeance Industrial is a French developer of small to medium-sized rooftop solar projects. Their systems range between 100 kWp and 500 kWp and are mainly installed on agricultural sheds.

The firm’s work spans all stages of the solar project lifecycle, including development, construction, asset management, financing and refinancing.

Prejeance Industrial was founded in 2019. It currently owns and operates an installed capacity of more than 42 MWp in France and has a development pipeline of almost 400 MWp, including 41 MWp under construction, according to Altarea.

Altarea said it had invested EUR 140 million (USD 151.5m) in the transaction, with EUR 115 million covering the value of the solar arrays in operation, under development or under construction, and around EUR 25 million representing the goodwill associated with the acquisition.

(EUR 1.0 = USD 1.082)

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