Theolia: Takeover of Breeze Two Energy finalized
THEOLIA announces that it finalized the takeover of Breeze Two Energy, a German company which holds and operates wind farms for its own account, for a total capacity of 337 MW, of which 311 MW are located in Germany and 26 MW in France. Breeze Two Energy is a limited partnership controlled by its General Partner, Breeze Two GmbH.
BGE Investment S.à.r.l., a subsidiary wholly owned by THEOLIA, purchased 70% of Breeze Two Energy's Class C bonds for 35.5 million euros and the right to indirectly appoint Breeze Two GmbH's Managing Director. This purchase is financed with a 34 million euro vendor loan due in 2026 and with 1.5 million euros in cash. Fady Khallouf, THEOLIA's CEO, was also appointed Managing Director of Breeze Two GmbH. These new functions grant him the power to manage Breeze Two Energy.
Breeze Two Energy will be fully consolidated in THEOLIA's financial statements as from January 31, 2013. The installed capacity operated by the Group for its own account goes from 297 MW to 634 MW.
As previously stated in the January 28, 2013 press release, this operation is in line with the strategy implemented by THEOLIA for more than two years now, aiming at reinforcing its Sales of electricity for own account activity, which provides recurring and predictable revenue over the long term, as well as significant operational margins. Taking control of new wind farms in operation in Germany and France enables THEOLIA to significantly enhance its operational position in its two historical countries. THEOLIA intends to generate significant operational synergies with Breeze Two Energy, in particular by performing the future management of Breeze Two Energy's wind farms, which today is subcontracted to third parties.
THEOLIA is an independent producer of wind energy, active over the entire wind value chain. The Group develops, builds and operates wind farms in four countries: France, Germany, Italy and Morocco. In total, the Group operates 1,266 MW for its own account and for third parties.
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