German green power producer Green FOX Energy GmbH (GFE) unveiled on Wednesday that it has taken a 50% stake in Dortmund-based solar and wind projects developer ON Energy GmbH, securing over 1.5 GWp through the transaction.
The investment is aimed at accelerating ON Energy’s growth and realising synergies between the two companies initially and primarily in the area of developing photovoltaic (PV) and wind projects. According to the announcement, ON Energy focuses its development activities on construction-ready projects.
Founded in 2021, GFE is majority owned by its founder, German energy and real estate entrepreneur Joern Reinecke.
About a year ago, the Hamburg-based firm pledged to invest about EUR 1 billion (USD 1.08bn) in renewable energy in the next four years with a focus on PV projects in Germany and Spain. With the transaction announced Wednesday, the total investment amount rises to more than EUR 1.5 billion, the press statement says.
(EUR 1 = USD 1.079)
