CEZ said Belectric and its European subsidiaries would become a flagship in the Elevion Group as it expands in solar markets.
The acquisition includes a 100% stake in the German-based Belectric and other European parts of the Belectric Solar & Battery Group, such as Belectric France, Belectric Solar, Belectric Italia, and Belectric Israel.
“The acquisition is in line with the Elevion Group’s strategy that envisages covering the entire business chain in the field of climate-neutral solutions,” CEZ said.
The financial details of the transaction were not disclosed.
CEZ said Belectric had completed more than 400 PV projects with a capacity of more than 4 GW and provided services on 2.2 GW of power projects.
According to CEZ, the acquisition would boost its presence in western European renewables markets as part of an overall strategy to concentrate on its home and nearby markets and to shift away from coal in the future.
“The Elevion Group is one of Germany’s largest companies in the field of modern energy solutions that focus on sustainability and climate neutrality. The Elevion Group has nearly doubled its turnover and executes thousands of projects per year in recent years. Our customers are very interested in producing their own climate-neutral electricity, thus we decided to team up with a very successful player in this field. The German and the entire European photovoltaic market will continue to grow significantly, and that creates huge opportunities for established companies like Belectric that operate in the renewable energy construction sector,” said Jaroslav Macek, CEO of Elevion Group.
The entry of Elevion Group into the European and Israeli part of the Belectric holding also brings necessary stability for more than 500 employees. “We are looking forward to become part of the expanding Elevion Group, which is a well-known and respected specialist for innovative energy solutions in many industries in the German market. We welcome the entry of a strong partner to successfully develop and build large solar projects to support the European energy transition, to jointly enter new markets and reach new customers,” said Ingo Alpheus, the CEO of Belectric and other parts of Belectric Solar & Battery Group.
In January 2021, US-based Consolidated Asset Management Services (CAMS) acquired Belectric‘s US solar operations and maintenance (O&M) business, including its 141 operating sites across 11 states.
In 9M 2021, there were 83 mergers and acquisition transactions in the solar sector, compared to 42 transactions in 9M 2020, according to Mercom’s 2021 9M and Q3 solar funding and m&a report. Most of the transactions involved solar downstream companies.