Econcern abandons growth strategy

Utrecht-based renewable energy project developer Econcern has abandoned its ambitious growth strategy, reports Monday’s Financieele Dagblad.

The move is partly due to concerns from its shareholders (SHV and Rabobank) and banks who felt the company’s assets are too low in relation to the total balance sheet, the paper says quoting unnamed sources.
A new business plan for ‘structured growth’ was approved by Econcern’s supervisory board last week, says the paper.
A number of projects are to be axed and the firm will focus on its core solar and wind energy activities, the paper says. The funding of other forms of renewable power projects will be suspended.

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