AEROWATT : Continuation of the fast development on both wind and solar pillars

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Release of 2008-2010 financial targets
Confirmation of the Alternext listing
H1 2008 results

Saran, September 16th 2008 – Aérowatt, green electricity producer operating in Mainland France and in French overseas territories, has confirmed since the beginning of 2008, its strong momentum on both wind, the Group’s historical pillar, and solar energy, the second priority avenue of development.

Over H1 08, Aérowatt pursued the strengthening of its development teams, aimed at boosting its strategy of being an integrated operator focussed on internal development of wind and solar facilities for own account. The Group also initiated promising partnerships with wind farms developers Valeco and Zéphyr, leading to a stronger expertise in the South and West of France.

Aérowatt thus confirms its expansion in Mainland France in order to take advantage of the strong opportunities offered by the French market, the 2nd largest wind potential in Europe. Mainland France now accounts for 75% of the Group’s project pipeline, on the basis of identified projects which meet its strict profitability criteria.

Aérowatt also consolidated its project portfolio. In the wind segment, with 394 MW under engineering and construction stages, it benefits from a pipeline of identified and secured projects fully covering the 2013 targets. In the solar segment, significant achievements are expected to materialise in the short term, the Group sharply accelerated its development, expanding its portfolio to 114 MWp from nil one year ago, through an original approach covering all market segments in the most promising regions in Southern France and in French overseas territories.

Jérôme Billerey, Chairman, stated, « Over the past few months Aérowatt confirmed its accelerated growth. We are still increasing our installed base and our pipeline at a steady pace. The targeted Alternext listing represents, for the company and its staff, a new and important step to increase our visibility and to confirm our positions on the French renewable energy market. ».

Release of 2008-2010 financial targets

Aérowatt confirms its operational targets to be achieved by end of 2013: a 350 MW wind energy installed for own account and a 50 MWp solar energy installed capacity for own account.

Aérowatt also presents its financial targets in terms of consolidated revenues and EBITDA over the 2008-2010 period, as detailed below:

€m 2008 2009 2010
Revenues 8.0– 9.0 12.0 – 13.0 22.0 – 23.0
EBITDA 4.0 – 5.0 7.0 – 9.0 13.0 – 16.0

Confirmation of the Alternext listing

Aérowatt confirms its Alternext listing project, subject to AMF (« Autorité des marchés financiers ») approval on the prospectus and depending on market conditions. On July 9th 2008, a registration document has been registered by the AMF under number I. 08-083.

Half years 2008 results

During H1 2008, Aérowatt generated electricity sales of €3,476k, growing by 11.5% from the H1 2007. This increase is attributable to the recognition over the full semester of wind farms commissioned at the beginning of 2007, in spite of below-average wind conditions in New Caledonia. Total consolidated revenues came to €3,660k.

EBITDA came to €1,697k. Aérowatt thus demonstrated its ability to maintain a healthy level of profitability in a context of strong investments.

Net debt increased from €18,307k at end of 2007 to €27,453k at June 30th 2008. A t June 30th 2008, the net debt to equity and definitively acquired grants(1) ratio represented 35%, against 22% at end of 2007.

Main consolidated income statement items (French GAAP)

The impact of the change of estimate is reflected in the consolidated financial statements at 30 June 2007 by an improvement in operating income of €865k.

€k H1 07 H1 08 Change
Revenues 3,492 3,660 +4.8%
Change in work-in-progress and own work capitalised 1,238(2) 1,899 +53.3%
Total production 4,730 5,559 +17.5%
EBITDA(3) 1,680 1,697 +1.0%
Operating income 273 87 -68.1%
Net financial income / (expense) (608) (814) -
Net income of consolidated companies (208) (922) -
Net income (Group share) (188) (834) -

(1) Definitively acquired grants correspond to tax benefits and subsidies awarded to Aérowatt within the framework of its French overseas territories investments
(2) In 2007, the Group made a change of estimate relating to the recognition of this item. With no change of estimate relative to 2006, Change in work-in-progress and own work capitalised represented €363 thousand at 30 June 2007
(3) EBITDA = Earnings before interest, taxes, depreciation, amortisation and provisions, deferred grants and tax benefits, plus net exceptional items

Recent events

On July 18th 2008, Aérowatt entered into a partnership agreement with Zéphyr Energies Renouvelables, a company specialized in wind energy with head offices close to Tours (France).

Under this partnership agreement, Aérowatt acquired a 33% shareholding in a company developing a wind farm with an installed capacity of 12 MW, for which the building permit has been granted, with a planned commissioning on 2010. This partnership enables the Group to initiate a close relationship with a partner possessing expertise in regions in which the group was not previously present (Loire Atlantique and Normandy).

Registration document availability

The registration document filed by the AMF on 9 July 2008, under number I. 08-083 is available free of charge on request from Aérowatt - 341, rue des Sables de Sary - 45770 Saran, as well as on the AMF (www.amf-france.org) and Aérowatt (www.aerowatt.com) websites.

Aérowatt draws public attention on the section 4 “Risk factors” of the registration document filed by the AMF.

A presentation regarding the strategy and half-year results of Aérowatt in available on the company website (www.aerowatt.com).

About Aérowatt

ISIN Code : FR0010396119
Mnémonique : MLWAT

Independent producer of green energy from renewable sources both in mainland France and in overseas territories, Aérowatt handles all the stages in the development of a power plant, from site selection to electricity generation.
Owner and operator of 21 wind farms representing 57 MW as well as of 11 solar farms representing 1,5 MWp on June 30th 2008, Aérowatt has a wind project portfolio of 1,240 MW and a solar project portfolio of over 110 MWp which will enable it to operate, for its own account, 350 MW in wind power and 50 MWp in solar energy by end-2013.
In 2007, Aérowatt generated sales of €7.1m, up 57% from 2006, and had at end of 2007 33 employees, of which 15 are dedicated to project development.

Contacts

Aérowatt Actus
Jérôme Billerey
+33 2 38 88 64 64
aerowatt@aerowatt.fr
Arielle Dufour – Anne-Catherine Bonjour
+33 1 53 67 36 36
adufour@actus.fr – acbonjour@actus.fr

This press release must not be published, transmitted or distributed, directly or indirectly, in the United States, Canada, or Japan. This press release, and the information contained in it, does not constitute a sale or subscription offer, nor a solicitation for a purchase or subscription order, of Aérowatt shares in any country. No offer of Aérowatt shares has been, nor will be, made in France prior to obtaining an AMF visa on the prospectus composed of the registration document (“document de base”), the focus of this press release, and a “note d’opération” (containing the prospectus summary) that will be subsequently submitted to the AMF.

This press release does not constitute a securities offering or any other purchase solicitation of securities in the United States. Securities cannot be offered or sold in the United States until subsequent to a registration in accordance with the 1933 US Securities Act, as amended, or within an exemption from this registration requirement. Aérowatt does not intend to proceed with the registration of its Aérowatt shares under the 1933 US Securities Act, as amended, or to make a public offering in the United States.

This press release is intended solely for those persons who (i) are not located in the United Kingdom, (ii) have professional experience in investment matters, (iii) are persons in compliance with the enactments in Article 49(2)(a) to (d) (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended.

The transmission, publication or distribution of this press release in certain countries may constitute a violation of legal and regulatory enactments in full force and effect. Consequently, those persons physically present in those countries and in which this press release is broadcast, published or distributed must understand and comply with those laws and regulations.

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