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Global EcoPower drops Moroccan acquisition

At the end of October GEP announced it has decided to drop plans for merger with Casablanca-based solar plants installer Nova Power Group, which has a solid pipeline of projects in Africa and the Middle East, including 500 MWp of solar parks in Nigeria.

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French renewable energy firm Global EcoPower SA (EPA:ALGEP) or GEP has decided to drop the acquisition of Moroccan Nova Group and buy French solar power developer Senergies, instead.

In 2014, Senergies achieved a turnover of $10.8m and has delivered projects for major French players like Quadran, Bouygues Energies, INEO, Boralex and Neoen, the buyer announced last week, according to SeeNews.

"In accordance with our ambition to achieve EUR 120 million of turnover and EUR 32 million of EBITDA in 2017, GEP has decided to integrate Senergies within its renewable energy project development activities,” said Jean-Marie Santander, president and CEO of GEP.

“Our group will continue the construction of solar and wind power plants in order to resell them to third party investors and will add the construction of solar and wind power plants on behalf of investors in France or abroad. GEP is progressively getting structured, it industrializes its production and expands its value chain.”

At the end of October GEP announced it has decided to drop plans for merger with Casablanca-based solar plants installer Nova Power Group, which has a solid pipeline of projects in Africa and the Middle East, including 500 MWp of solar parks in Nigeria.

The deterioration of the geopolitical situation in Nigeria and lack of progress with solar projects there which were the main cause of the desire to create a new group, have not been materialized by Nova Power and so GEP decided to concentrate on external growth opportunities in France.

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