Econergy acquires Escofi

The transaction marks Econergy’s entry into France – one of Europe’s largest and most attractive renewable energy markets – and significantly expands its wind asset base, supporting the company’s continued growth and portfolio diversification across key European markets.

Founded in 1988, Escofi originates, finances, builds, and operates onshore wind projects, with a 740 MW portfolio across four development stages: 128 MW in commercial operation, 34 MW under construction, 147 MW in advanced development stage – with building permits and grid connection approvals in place and construction due to commence between 2028 and 2030 – and 432 MW in early and mid-stage development.

Escofi’s portfolio is concentrated in the Hauts-de-France and Grand Est regions of northern France, which have the strongest onshore wind conditions and regulatory environments in the country.

More than 90% of Escofi’s operational and under-construction capacity benefits from 20-year contracted revenues under France’s Contracts for Difference (CfDs) regime, providing a stable, long-term revenue stream for the portfolio. In July 2026, Escofi secured additional CfDs for three more projects totalling 46 MW at prices above €80/MWh for 20-year terms, further strengthening the portfolio’s contracted revenue base.

On a representative-year basis, Escofi’s 309 MW of operational, under-construction, and advanced-development projects are expected to generate annual revenues of €59 – €65 million and EBITDA of €47 – €53 million.

By 2030, on completion of the projects under construction and the 147 MW advanced pipeline, Escofi’s operational capacity is expected to reach approximately 300 MW, with project-level EBITDA of approximately €42 – €44 million. Beyond these figures, the 432 MW early and mid-stage pipeline provides the platform’s long-term growth runway. Escofi’s effective ownership across projects stands at approximately 91%.

“The acquisition of Escofi is a significant strategic step for Econergy, establishing our presence in France and materially expanding our European wind platform,” said Eyal Podhorzer, CEO of Econergy. “Escofi brings us a proven, 37-year-old French onshore wind operator with a high-quality operational fleet and a strong pipeline of projects with 20-year CfD revenues located in the best wind regions in France. Combined with our existing European platform, this gives Econergy a stronger and more geographically diversified base of long-term, contracted cash flows to build on.”

Econergy also sees repowering potential across many of the company’s operating assets – with one repowering project already under way and a second having won a recent CfD tender – complementary M&A opportunities in the French onshore wind market, commercial optimisation across CfD tenders and merchant sales, and medium-term hybridisation potential to co-locate battery storage at existing wind sites.

Marathon Capital acted as the buy-side advisor, KPMG as the financial and tax advisor, and Linklaters as legal advisor to Econergy on the transaction.

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