Areva Sells 30% Stake in REpower to Suzlon

French nuclear power engineering company Areva has sold its 30% stake in the German wind turbine manufacturer, REpower, to Suzlon for E350 million.

This announcement follows an agreement signed in May 2007 by the two companies, which gave Areva the option of selling its shares to Suzlon at a guaranteed price.

In September 2007, Areva consolidated its position in the market by acquiring a 51% stake in Multibrid, a German wind turbine manufacturer specialized in high-power offshore wind turbines.

An Areva spokesperson was reported as saying that acquiring Multibrid gave Areva a firm foothold in the offshore wind market and provided access to new technology.

The sale of the REpower stake reportedly makes sense for the French nuclear engineering major as it seeks to focus on other strategic investments.