French company AREVA finding wind energy a better bet than nuclear?

Areva has looked to diversify away from nuclear energy and build up solar, wind and biomassbusinesses. …..Areva has teamed up with energy group GDF Suez SA and concessions company Vinci SA to bid for a part of the French government’s wind turbine project…The French government aims for a total of 1,200 wind turbines to be eventually built, costing a total of €10 billion.

In mid-December Areva is set to detail the financial impact of the nuclear disaster at Fukushima this March.

Areva Diversifies Further Into Wind, WSJ, 28 Nov, By MAX COLCHESTER And NOÉMIE BISSERBE, PARIS—Areva SA said Monday it is in advanced talks to build about 120 wind turbines at two offshore wind farms in Germany, as theengineering group continues to diversify away from nuclear energy….

The talks represent a rare bright spot for the engineering group that has been buffeted in recent months following the nuclear disaster at the Fukushima Daiichi plant in Japan, which dented demand for the group’s key atomic products. The French state controlled company’s shares ended up 5.2% to €20.25 in Paris on Monday.

In recent years Areva has looked to diversify away from nuclear energy and build up solar, wind and biomass businesses. In particular it has bet on booming demand for offshore wind power and has spent heavily on developing a powerful five megawatt turbine. But compared to rivals, the group is playing catch-up, analysts say. Rivals such as Siemens AG have already built extensive wind farms. So far Areva has built just five working wind turbines, according to an

Areva spokesman.

Areva is currently in the process of building 126 turbines in a separate project in Germany. The company expects more contracts in the future. Areva has teamed up with energy group GDF Suez SA and concessions company Vinci SA to bid

for a part of the French government’s wind turbine project. In 2013 the French government will announce which companies will build out the first lot of wind turbines off the coast of France. The French government aims for a total of 1,200 wind turbines to be eventually built, costing a total of €10 billion.

Following Germany’s decision earlier this year to phase out nuclear power, Areva is weighing its strategic options in that country…. In the first nine months of this year Areva made €109 million from renewable energy projects, up 53% compared to a year earlier. ……

In mid-December Areva is set to detail the financial impact of the nuclear disaster at Fukushima this March.

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