Vinci, ACS terminate renewable-energy joint venture agreement

Vinci, ACS terminate renewable-energy joint venture agreement

Title: Vinci and ACS Terminate Renewable-Energy Joint Venture Agreement

Vinci and ACS have terminated their joint venture agreement related to renewable energy, as announced in a press release on August 8, 2025. The decision follows the conclusion of a final agreement to settle certain provisions related to the acquisition of Cobra IS, completed on December 31, 2021 [1].

The key terms of this new agreement include a fixed earn-out related to Cobra IS’s developments in renewable energy, set at €380 million, of which €300 million remains to be paid by Vinci in cash [1]. This earn-out was originally planned to be up to a cap of €600 million for each new "Ready to Build" renewable energy development by Cobra IS, but both parties have agreed to fix this earn-out at €380 million [1].

Additionally, the agreement terminates the original plan to create a joint venture for new renewable energy production projects developed by Cobra IS [1]. This termination is due to the evolving investment priorities of both Vinci and ACS [1].

The termination of the joint venture agreement will not have a significant impact on Vinci's financial statements, considering the elements already accounted for in previous fiscal years [1]. The total value of the acquisition of Cobra IS by Vinci, including Cobra IS’s cash position at the time of the acquisition and various adjustments, amounts to €5.3 billion (of which the enterprise value at the time of the acquisition was €4.6 billion) [1].

This development marks a strategic shift for both Vinci and ACS, as they focus on their respective priorities in the renewable energy sector. The termination of the joint venture agreement allows both companies to pursue their individual paths while maintaining a strong position in the renewable energy market.

References
1. [Vinci and ACS sign final agreement for the acquisition of Cobra IS](https://www.globenewswire.com/news-release/2025/08/08/3130257/0/en/VINCI-and-ACS-sign-final-agreement-for-the-acquisition-of-Cobra-IS.html)