Veolia buys Ridgeline Energy

Paris-based Veolia Environnement (NYSE: VE) said today that it acquired Seattle's Ridgeline Energy, a wind energy project developer.

Veolia paid $72 million for Ridgeline and said there could be a further milestone payment for 1,500 megawatts of capacity that is ready to be built.

"This acquisition enables Veolia Environnement to make a significant entry into the rapidly expanding U.S. wind energy," said Stéphane Caine, exec. VP of industrial and tertiary markets at Veolia, in a statement.

Ridgeline, which was backed by Chestnut Capital, controls the development of a portfolio of projects representing 8,000 MW of identified capacity, of which 4,000 MW are currently under active development, according to Veolia. Ridgeline plans to bring close to 2,000 MW of capacity on-line by 2012.

Founded in 2001, Ridgeline focuses on the Pacific Northwest and western U.S., covering Idaho, Washington, Nevada, Wyoming, Oregon, California and Utah.

With this deal, Caine said, "Veolia Environnement will have as a base project portfolio representing capacity of about 7,000 MW in active development, located on both sides of the Atlantic and focused on areas undergoing rapid growth."

Veolia said it's been present in the wind energy market since 2007 through France's Eolfi, in which it holds a 50 percen interest.

Eolfi currently operates 106 MW of capacity in France and is building another 109 MW, and is now developing a portfolio of projects representing potential capacity of 3,000 MW, mainly in France, Greece and Poland.

Veolia said it will contribute its interest in Ridgeline to Eolfi.