French building and infrastructure company Eiffage has entered exclusive negotiations to acquire green energy group Sun’R, it said on Wednesday after posting a rise in first-half earnings.
Through the acquisition of a stake of more than 80% in Sun’R Group, Eiffage intends to accelerate its expansion into renewable energies, it said in a statement.
Sun’R’s business activities include the generation of photovoltaic electricity.
The acquisition is expected to close in the second half of 2022.
Eiffage’s operating profit on ordinary activities rose by 36.2% year on year to 925 million euros ($931.5 million) in the six months to June 30.
The group, which builds roads, tunnels and electric infrastructure, has been benefitting from public investment in infrastructure and energy projects that aim to cut emissions and fuel costs.
In May, it won two major contracts to equip offshore wind farms off the German coast.
Its energy systems division, which builds electric power lines, street lighting, solar farms and data centres, recorded revenue of 2.45 billion euros in the first half of 2022, or around 26% of the group’s total revenue of 9.45 billion in the period.
Eiffage confirmed it was expecting further growth in its results for the full financial year.
