Areva SA (AREVA.FR) said Monday that it is in advanced talks to build around 120 wind turbines at two offshore wind farms in Germany, the latest evidence of the group's efforts to diversify away from nuclear technology.
Areva SA (AREVA.FR) said Monday that it is in advanced talks to build
around 120 wind turbines at two offshore wind farms in
Germany
, the
latest evidence of the group's efforts to diversify away from nuclear
technology.
The new wind work, which could be worth around EUR1.2 billion, has not yet been
definitely signed and depends on the purchaser securing financing for the deal,
a spokesman for Areva said. Areva declined to identify the potential buyer.
The talks represent a rare bright spot for the engineering group which has been
buffeted in recent months following the nuclear disaster in
Japan
,
which dented demand for the group's key atomic products. The French state
controlled company's shares were trading up 4.4% at 1330 GMT.
In recent years Areva has looked to diversify away from nuclear and build up a
solar, wind and biomass businesses. In particular it has bet on booming demand
for offshore wind power and has spent heavily on developing a powerful 5
megawatt turbine.
But compared to rivals the group is playing catch-up, analysts say. While
competitors such as Siemens AG (SI) have already built extensive wind farms, so
far Areva has built just five working wind turbines, according to a spokesman.
Areva is in the process of building 126 turbines in
Germany
. There
are more contracts in the horizon. In 2013 the French government is set to
declare the winner of a EUR10 billion tender offer to build 1,200 wind offshore
wind turbine. Areva has teamed up with energy group GDF Suez SA and concessions
company Vinci SA to bid for a part of the project. The U.K is also slated to
unveil a large offshore wind program.
Following
Germany
's
decision to phase out nuclear power, Areva is weighing its strategic options in
the country. Areva unions fear that several hundred jobs will be cut as the
company looks to lighten its debt load. The company cited fewer order in
Germany
and
Japan
as a
factor in a backlog decline earlier this year.
In the first nine months of 2011 Areva made 109 million from renewable energy
projects, up 53% compared to the same period a year before. While growing fast,
the business unit still represents fraction of the state controlled company's
revenues, which totaled EUR5.9 billion for the first nine months of 2011.
On Dec. 12 Areva is set to detail the financial impact of the
Fukushima
crisis.
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