THENERGO : Thenergo gains controlling stake in German biomass-to-energy group Enro


Thenergo, a Belgian renewable energy company today announces it has acquired a controlling stake (>50%) in ENRO AG, a German biomass-to-energy company listed on the Open Market (regulated unofficial market) at the Frankfurt Stock Exchange"

In a private placement, ENRO investors received one new Thenergo share for every 2.25 ENRO shares. In addition, Thenergo bought in the market approximately 14% of ENRO shares at an average price of ¤3.7 per share. At ¤3.7, ENRO is valued at around ¤14m.

ENRO has an operating portfolio of 13.7MWe (electrical) and 73 MWth (thermal).This is produced from two biomass CHP plants fueled by fresh cut and waste wood, generating a total of 13.7MW electrical power and 23MW thermal power. In addition, ENRO is co-owner and co-operator of the companies distributing the heat to industrial and residential clients.  In these companies an additional (natural gas based) heat capacity of 50 MW is available. The power produced is sold through 20-year power purchase contracts.

Commenting on the acquisition, Thenergo's CEO Kurt Alen said: "The combination of Thenergo and ENRO has a compelling strategic and operational logic. Thenergo secures a critical foothold in Germany, one of the most fertile business regions in Europe. Shared expertise brings both companies new revenue streams and deeper engineering know-how, and while our financial capacity will drive ENRO's pipeline growth in Germany, ENRO will facilitate Thenergo's development in Germany and Central and Eastern Europe."

He added: "This is a real opportunity to create a leading player in Europe's fast developing biomass to energy market. It is a value-creating partnership for business partners, employees and shareholders of both companies."

Thenergo anticipates ENRO's current management retaining full operational control developing and operating on-site CHP biomass plants for industrial customers and local communities. The company is pursuing a growth strategy through integration and conversion of existing fossil fuel plants to biomass, construction of new renewable energy power plants and project acquisitions.

ENRO's engineers bring valued know-how about energy production based on Rankine Cycles (incineration + steam cycle for electricity production) to the Thenergo engineering team. Together with Thenergo's comprehensive experience in Otto Cycle based energy production (biogas & biofuel engines) the integrated engineering team will cover all aspects of decentralized energy production from biomass. The extra skills and know-how will allow Thenergo to exploit a wider range of energy production opportunities across Europe.

The acquisition will allow Thenergo to accelerate the growth and structure of its existing business model while increasing its turnover and earnings. In 2008, ENRO will contribute ¤4m to EBITDA from an estimated ¤20m in turnover. ENRO's fixed assets at end 2006 were valued at ¤35m.

Press contact
Graham Fairbank
Head of Communications
Tel +32 3 292 97 01
Fax +32 3 292 96 97
Financial Adviser
Gunnar Jenssen
Silvia Quandt Bank, Frankfurt
Tel +49 69 95 92 90 93 33

About Thenergo

Founded in 2002 and based in Antwerp, Belgium, Thenergo is a fast growing, fully integrated and independent developer and operator of sustainable energy projects using biomass, biogas and natural gas.

Thenergo brings solutions and added value to clients' energy needs, from financing and concept design to procurement, operations management and energy sales on Europe's power markets.

The recent acquisitions of Leysen, Polargen and now ENRO have considerably strengthened Thenergo's business model. Today, Thenergo provides all of its companies and industry partners with the synergies to optimize every step of the value chain.

Since 14 June 2007, Thenergo has been listed on Alternext, Paris. (Ticker: ALTHE).

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