EDF : Vienne Commercial Court approves the EDF group's bid to acquire Photowatt's business

| Source: EDF EDF

Vienne Commercial Court approves the EDF group's bid to acquire Photowatt's business

The EDF group is delighted with the decision by the Vienne Commercial Court to accept its offer as regards the takeover of Photowatt's business, the latter being the only French manufacturer of photovoltaic cells. EDF will take possession of Photowatt assets from 1st March 2012.

This deal will enable the Group, via its subsidiary EDF Energies Nouvelles Réparties (EDF ENR)[1], to acquire Photowatt assets, along with 100% of its subsidiary PV Alliance[2] and also obtain exclusive worldwide rights to the heterojunction technology currently being developed.

Out of the 425 currently employed by Photowatt, EDF will offer 345 employees (plus 10 apprentices) the opportunity to continue working in the company. The remaining 70 will be offered employment within the EDF group.

This deal is part of the Group's strategy to becoming a world leader in renewable energy, including photovoltaics, and thus to participate in the development of the best technologies. A major player in renewable energy, in France and throughout the world, EDF, via its hydro-electric power facilities and its subsidiaries, EDF EN and EDF ENR, had an installed capacity of 24.8 GW in renewables in 2010.

[1] : EDF Energies Nouvelles Reparties is a subsidiary owned 50% by EDF and 50% by EDF Energies Nouvelles.
[2] : Company in which EDF ENR currently has a 40% stake together with CEA (20%) and Photowatt (40%).

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EDF group's bid approved to acquire Photowatt's business