ČEZ Group division Elevion targets European solar growth following Belectric deal

A solar project completed in Israel by Belectric. Image: Belectric Israel.

Elevion, the renewables arm of Czech conglomerate ČEZ Group, is targeting growth within Europe’s PV market after closing the acquisition of Belectric’s European assets.

The deal, which was first reported last month, will see Elevion acquire a 100% stake in Belectric GmbH as well as other European subsidiaries of the developer and PV services provider, including its operations in France, Italy, Israel and other European jurisdictions.

German energy major RWE confirmed it was to divest parts of Belectric in mid-November, but was not in a position to reveal the identity of the purchasing party at the time.

But now with Elevion having completed the deal, group CEO Jaroslav Macek said the significant growth of the European solar market presented “huge opportunities” for companies like Belectric.

As part of the transaction, 500 of Belectric’s employees that work for divisions Elevion has acquired are to transition over to become employees of Elevion, bringing “necessary stability” for the companies, the duo said.

“We welcome the entry of a strong partner to successfully develop and build large solar projects to support the European energy transition, to jointly enter new markets and reach new customers,”  Ingo Alphéus, CEO at Belectric GmbH, said.

Elevion professes to be one of Europe’s leading service providers for ‘modern energy solutions’ and is active throughout Europe. In 2020 its turnover stood at €608 million (US$685.5 million).