Aix-en-Provence (France), June 11, 2015. Global EcoPower (Alternext - FR0011289198 - ALGEP), constructor of power plants using renewable energy sources, implements its new strategy which consists of acquiring the rights to build wind farms, financing the equity and implementing the bank financing, constructing, commissioning and connecting the plants before selling them, while continuing their operation.
Jean-Marie SANTANDER, President and CEO:
« This was the initial transaction between GEP and the German group LHI regarding wind farms in France. After the group Leonidas Associates, GEP now deals with a new German investor, which demonstrates the interest of European investors in the plants built by our Group. We also acquired the rights to build a new 10 MW power plant. GEP wished to involve private investors at its side in order to optimize its cash. From now on the new strategy of Global EcoPower is underway and the results will follow. »
Sale of the 10 MW wind power plant of PEVD
As of June 2, the GEP group signed a share purchase agreement subject to conditions precedent with the German group LHI, based in Munich. LHI is one of the most successful investment and asset managers in Germany. LHI managed the transaction in a joint effort with Advace Group, a leading investment boutique for investments in green infrastructure based in Frankfurt and London.
The agreement concerns the sale of 100% of the shares of SAS Parc Eolien de la Vallée du Don, the definitive transfer of which is scheduled on January 11, 2016.
The wind farm in the department of Loire-Atlantique consists of 5 turbines of 2 MW. The civil engineering and electricity works are already achieved and the turbines shall arrive on site in September 2015. GEP will be responsible for the completion of works till commissioning, scheduled before end of the year.
The total amount of the investment was financed up to 20% with the equity of the GEP group and the balance through a "senior debt" facility, organized 50/50 by the banks TRIODOS (a Dutch bank) and BPI-France (a French bank), TRIODOS ensuring the role of "agent".
This sale is part of the Group's new strategy: purchase of rights, financial arrangements, construction, commissioning and grid connection of the plant before its transfer.
The agreement reached with LHI Group provides that GEP will operate the said plant over a period of fifteen years, which will generate recurring revenues for the Group.
Acquisition of rights of the 10 MW wind power plant of Seuil Mont-Laurent
Following the sale of PEVD, GEP definitely acquired, on June 5, 60% of the shares of SAS Parc Eolien de Seuil Mont Laurent (PESML) from RENVICO France (ex Sorgenia). PESML has all the rights and permissions to build a 10MW wind power plant in the Ardennes. GEP has invited on its side a group of private investors to acquire the remaining 40%.
The "senior debt" bank financing is being set up, the equity being financed by GEP and the investor group on their respective cash. The civil engineering and foundation works will begin in September 2015 for a grid connection expected in the second quarter 2016.
Abandonment of discussions with the Spanish group Enersol
In a press release dated January 22, 2015, GEP had announced the signing of an agreement for a proposed merger project with the Spanish group Enersol, agreement which was subject to the fulfillment of various conditions precedent including a comprehensive audit of the Group's consolidated financial statements.
Following the results of this audit, the GEP Group decided to end the ongoing negotiations and thus stop the merger project.
Global EcoPower intends to continue the activity of "turnkey" construction of solar power plants, both in France and abroad.
About Global EcoPower (GEP)
Global EcoPower, Aix-en-Provence based company, a “turnkey” constructor of power plants using renewable energies, wind and solar power. GEP is listed on the NYSE Alternext Paris Market of NYSE Euronext (ISIN code: FR0011289198 - mnemo: ALGEP). GEP is eligible for PEA-PME.
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Full and original press release in PDF:
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