Italian clean energy group PLC and Romanian renewable energy company Monsson Operation have entered into a strategic partnership, in what will result in PLC becoming the owner of a 51% stake in Monsson Operation by the end of November, the Romanian company has announced.
Monsson Operation signed the first part of the M&A procedure, strengthening its position on the international market through a strategic move in which PLC S.p.A Italy joins the Monsson Operation shareholders, Monsson said on its website, noting that the integration procedures will continue until the end of November 2018 and will result in PLC holding 51% of Monsson Operation.
According to the press release, by joining PLC, Monsson aims to ensure the financing of the projects under construction and of new projects that will be signed in the near future.
“Through this move in the renewable market, Monsson Operation becomes part of a group that will reach more than EUR 50 million turnover for installation, operation and maintenance of wind and photovoltaic farms,” Sebastian Enache, Business Development Manager of Monsson Operation, said.
PLC will provide Monsson Operation access to new markets, but will also give it the opportunity to be as independent and involved in strategic decisions as ever.
Monsson Operation estimates a significant increase over the following years in new markets such as Germany, Russia, and Ukraine.
“We want to create an international company able to deliver a high-quality service to wind turbine manufacturers and renewable energy plant owners,” Michele Scoppio, CEO of PLC S.p.A, said.
According to the press release, Monsson Operation is currently operating, maintaining and servicing a portfolio of over 10,000 MW in over 15 countries all over the world, while the PLC group is a market leader in the design, installation, and maintenance of alternative energy power plants.
Monsson Operation operates the largest onshore wind farm in the world outside the U.S. – the 600 MW Fantanele and Cogealac wind farm located in Constanta County in Romania.