German investment holding company Calvert International AG (CIAG) unveiled a significant strategic move on Monday, announcing the acquisition of a 100% stake in compatriot Emerging Energy Corporation AG (EEC), a prominent investor specializing in the African renewables market.
The transaction, characterized by a non-cash capital increase, saw CIAG issue 100,000 new shares to the shareholders of EEC, thereby facilitating the acquisition. Consequently, CIAG's share capital experienced a notable 10% increase, signaling a robust commitment to fostering growth and innovation within the renewable energy sector.
Based in Frankfurt, EEC has carved out a formidable presence across various segments of the renewable energy landscape, particularly in hydrogen, biogas, and decentralized solar solutions. Noteworthy among its portfolio are minority stakes in Sustainable Power Generation PTY Ltd, a pioneering developer of off-grid solutions in Africa, and (B)energy Operations UG & Co KG, an esteemed non-profit biogas enterprise.
Jessica Stang, Head of Business Development at CIAG, articulated the strategic significance of the acquisition, stating, “The full acquisition of Emerging Energy is the starting signal for further expansion with the aim of building a strong energy holding company listed in Germany and active across Africa. With its strong presence in the African hydrogen and off-grid solar market, EEC is a very good opportunity for us to participate in the growth of the African energy market. We have seized this opportunity.”
