Calvert International acquires German Africa-focused renewables biz

German investment holding company Calvert International AG (CIAG) said on Monday that it has acquired a 100% stake in compatriot Emerging Energy Corporation AG (EEC), an investor focused on the African renewables market.

The transaction involved a non-cash capital increase, with CIAG issuing 100,000 new shares to EEC’s shareholders. As a result, CIAG’s share capital increased by 10%, the company said.

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Frankfurt-based EEC is active in the hydrogen, biogas and decentralised solar solutions sectors. The firm and its subsidiaries currently hold minority stakes in Sustainable Power Generation PTY Ltd, which develops off-grid solutions in Africa, and in (B)energy Operations UG & Co KG, a non-profit biogas company.

“The full acquisition of Emerging Energy is the starting signal for further expansion with the aim of building a strong energy holding company listed in Germany and active across Africa,” said Jessica Stang, Head of Business Development at CIAG. “With its strong presence in the African hydrogen and off-grid solar market, EEC is a very good opportunity for us to participate in the growth of the African energy market. We have seized this opportunity.”