Theolia: Wind farm sold to investment vehicle
THEOLIA sells the Gargouilles wind farm to its investment vehicle THEOLIA Utilities Investment Company.
In this way, THEOLIA continues its co-investment strategy through which the Group strikes a balance between wind farms kept for own account and wind farms and projects sold to the investment vehicle. This strategy allows THEOLIA to maintain an ambitious development, while maximizing its cash position.
The Gargouilles wind farm is located in the Eure-et-Loir department, in the towns of Gommerville and Oysonville. It comprises 8 wind turbines, each with a capacity of 2.3 MW, for a total capacity of the farm of 18.4 MW. Recently built, this wind farm has been progressively commissioned between June and September 2011 and produces, since then, electricity that is sold to the grid under a 15-year contract for the account of THEOLIA.
Created in August 2011, THEOLIA Utilities Investment Company is an investment vehicle in which THEOLIA holds a 40% interest and of which THEOLIA carries out operational management. Therefore, after this sale, THEOLIA keeps an indirect interest in the Gargouilles wind farm and continues to manage the farm on behalf of the investment vehicle.
It is reminded that sales of wind farms and projects to the investment vehicle are not recognized as revenue by THEOLIA. The terms of the transaction are not disclosed.
By acquiring an operating wind farm, THEOLIA Utilities Investment Company becomes fully operational thanks to a farm which already produces wind power energy. Moreover THEOLIA pursues construction works for the 15 MW Magremont wind farm on behalf of the investment vehicle. After the commissioning of this farm, expected for the end of 2012, THEOLIA Utilities Investment Company will hold 33.4 MW in operation.
About THEOLIA Utilities Investment Company
Created in August 2011, THEOLIA Utilities Investment Company is a joint vehicle investing in wind farms in France, Germany and Italy. It brings together three European energy players: THEOLIA, a French developer and operator of wind farms which holds 40% of the vehicle, and two major European utilities, IWB in Switzerland and Badenova in Germany, which both hold 30% of the vehicle. The objective of the vehicle is to reach a total wind capacity of 150 to 200 MW. With a final target of 100 million euros of equity invested, combined with project financing, the investment vehicle will be in a position to invest more than 300 million euros.
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