Aix-en-Provence (France), April 23rd, 2014.
Global EcoPower (FR0011289198 - ALGEP), a turnkey constructor of power plants using renewable energy sources, has signed a purchase agreement subject to conditions precedent of a new wind project with an installed capacity of 10 MW. This signature demonstrates the ability of GEP to win highly competitive tender calls for ready to build projects in France.
Global EcoPower (GEP) announces the signature of a contract for acquiring the shares of a special purpose vehicle (SPV) which owns all rights and authorizations allowing the construction of a wind farm with an installed capacity of 10 MW in France. The plant will consist of five wind turbines with a unit capacity of 2 MW and a hub height of 99 meters. The final choice of the turbine supplier (probably Vestas or Gamesa) will be made soon.
The contract was signed subject to the fulfillment of two conditions precedent in favor of GEP:
- Confirmation that the project is free of any recourse
- Confirmation that the losses of electricity generation related to possible acoustic constraints will be limited to less than 10%. A price adjustment formula has been prepared according to the definitive level of loss
The final closing is scheduled for June 30th, 2014. At this date, GEP may either purchase the shares in its name or implement the substitution clause in favor of a third party investor.
Global EcoPower plans to build this project "turnkey" on behalf of a third party investor whose identity will be revealed following the final selection procedure, currently in progress, and after the fulfillment of the two conditions precedent mentioned above.
In order to meet the deadlines of the construction permit, the work was split into two tranches: the first called "preliminary works", and the second which will start after June 30th, 2014. The first tranche, borne by the SPV, has been entrusted to GEP and has already begun. The second tranche will depend on the fulfillment of the conditions precedent.
GEP was accompanied for this transaction by a specialized law firm, CGR Legal, based in Paris.
About Global EcoPower
Global EcoPower (GEP) is a "turnkey" constructor of power plants using renewable energies. GEP is listed on the NYSE Alternext Paris Market of NYSE Euronext (ISIN code: FR0011289198 - ALGEP).
Tél. : + 33 442 245 016
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Communiqués au titre de l'obligation d'information permanente :
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