Suez to buy Ventus for $118.2M

Suez Energy North America announced a deal today to buy Canadian wind power development company Ventus Energy for $118.2 million.

This is Suez Energy's first acquisition in the North American wind energy market.

Zin Smati, president and CEO of Suez Energy, said the acquisition would diversify his company's North American portfolio as well as "strengthen our retail energy services offerings in the sale of renewable energy credits into the New England power market."

Suez Energy is a subsidiary of France's Suez SA, a 127-year old provider of electricity, natural gas, water, and waste management services.

Suez itself may be purchased by French state-controlled utility Gaz de France. GdF made a bid for Suez in 2006, but the plan has been bogged down by political and legal hurdles.

Ventus' wind portfolio covers eastern Canada, with 25 wind energy development projects in Ontario, Quebec, Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland and Labrador.

Ventus chief executive officer John Douglas said Suez's "global resources and construction expertise will significantly improve our ability to compete, procure wind turbines and execute our business plan in Canada."

The wind energy company has close to 2,000 megawatts of electricity generation in various stages of development.

It has has secured land rights to more than 17 million acres of land for construction of its projects, and has 29 megawatts commissioned and operating at its Norway Wind Park and West Cape Wind Energy facilities in Prince Edward Island.

Ventus has another 80 megawatts under construction and has agreements for a further 99 megawatts with the Ontario Power Authority, set to begin construction soon.

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