Areva snaps up Multibrid to create new division

French nuclear giant Areva says it will buy the remaining 49% of German offshore turbine maker Multibrid, as it hastens its push into the renewables business.

LONDON/SEATTLE: Areva first invested in the Bremerhaven-based Multibrid in 2007, buying a 51% stake from Prokon Nord that valued the company at €150m ($183m).

The deal underscores Areva's belief in the commercial viability of offshore wind, according to a spokeswoman. "We're targeting a 25% share of the European market for offshore turbines, and we plan to get there well before 2020," she tells Recharge .

Areva will create a new division to be known as Areva Wind, into which it will roll Multibrid and blade manufacturer PN Rotor, which it purchased Log in to read complete article.

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