Acquisition of NEH-CHCR by Hydrocop and Banque des Territoires
28th January 2019,
FDC Infrastructure advises Hydrocop and Banque des Territoires on the acquisition of Nouvelles Energies Hydrauliques – Compagnie des Hautes Chutes de Roques (NEH-CHCR group).
Closed on 19th December 2018, this transaction is the largest in the hydropower sector in France since 2005, the NEH-CHCR group having developed a portfolio of nineteen plants for a total installed capacity of 70 MW.
The project was initiated by Energies Vienne, a founding shareholder of Hydrocop, along with Banque des Territoires and a group of local energy distribution companies (‘LDCs’). It enables LDCs to secure a long term sourcing in renewable energy.
This €250 million transaction was financed by an acquisition facility provided by Crédit Agricole Touraine Poitou and Natixis Energeco, a €80 million capital increase of Hydrocop and a €40 million equity investment from Banque des Territoires.
This deal, the fifth completed by FDC Infrastructure for French LDCs, illustrates the team’s expertise in the decentralized power sector, as well as its ability to assist clients in their most strategic and complex issues.
About Financière de Courcelles
Financière de Courcelles is a 25-professional strong independent Corporate Finance advisory firm based in Paris. A founding member and current chairman of the Global M&A Partners network (350 M&A professionals, more than 50 countries covered), FDC has a strong international reach. It focuses on the Mid-Cap segment of the M&A market across several industries.
The FDC Infrastructure team is exclusively dedicated to the Energy and Infrastructure sectors, with specific expertise in Energy (decentralized generation, distribution and supply), Transport (passenger and freight) and Maritime (ports, specialized shipping and marine services) sectors.
About Hydrocop
Hydrocop was set up in 2011 by 7 local energy distribution companies (LDCs) created over 100 years ago. It aimed at pooling their resources in hydroelectricity with an objective to secure green electricity sourcing for their client bases. Prior to this acquisition, Hydrocop’s installed capacity was 6.8 MW for an annual output of 28 GWh.
Following the deal-related capital increase, Hydrocop has 16 shareholders. The historical shareholders, SORÉGIES, SICAP, Gaz de Barr, Ene’O, ES Lannemezan and Caléo, were joined by Séolis Prod, Terralis Power, SERGIES, SICAE Précy-Saint-Martin, SICAE de l’Oise, as well as Regies of Saint-Avold, Ambérieux-en-Dombes, Martres-Tolosane, Cazères and Sainte-Marie-aux-Chênes.
About Banque des Territoires
Created in 2018, Banque des Territoires is one of the five subsidiaries of Groupe Caisse des Dépôts. It brings together in a single structure the full internal expertise for the territories, offering advice and financing solutions to meet the needs of local authorities, social housing organizations, local public companies and legal professions.
This acquisition highlights the willingness of Banque des Territoires to support LDCs in evolving to a sustainable energy mix, and shows the commitment of the group in the fight against climate change.
About Nouvelles Energies Hydrauliques – Compagnie des Hautes Chutes de Roques (NEH-CHCR)
A family group created in 2004, NEH-CHCR owns and operates 19 hydroelectric power facilities in the Alps and has several development projects, including four at an advanced stage.
The group has built expertise on high head dams and integrated its entire value chain. It employs 32 people to develop projects, maintain and operate power stations, and market the electricity produced.
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