FRANKFURT (Reuters) - Germany's E.ON (EONG.DE: Quote, Profile, Research), the world's largest utility, is taking its first step into the U.S. market for renewable energy with the takeover of wind farms there for $1.4 billion including debt.
With the acquisition of the American division of Ireland's Airtricity, E.ON is buying current and future projects with a total capacity of more than 7,000 megawatts in the United States and Canada, the German company said in a statement on Thursday.
"E.ON is late in renewables, but it makes clear it's strongly committed to picking up," London-based UBS analyst Per Lekander said. "Valuations in the area are high and can only be justified by the expectation of future projects."
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