The European Commission has given the green light to the takeover of renewable energy group Iberdrola Renovables France by U.S.-based multinational General Electric (NYSE:GE) and German insurer Munich Re.
The two companies teamed up with renewable energy group EDF Energies Nouvelles (EDF EN), owned by French state-run energy provider EDF. The role of EDF EN will consist of managing and maintaining the clean energy assets in France.
Previously, Iberdrola Renovables France was owned by Spanish power utility Iberdrola. The latter, however, has plans to focus on other markets, such as Brazil and the U.K., to maintain profitability and reduce corporate debt. Hence, the offload of French assets in line with the group's business strategy.