A value-adding acquisition
On 23 November 2007, THEOLIA SA acquired 100% of the share capital and rights of MAESTRALE GREEN ENERGY(1), an Italian wind developer. The price paid is 5 million Euros, plus a further payment depending on the number of MW authorised in the next three years. As at the date of acquisition the project portfolio of MAESTRALE GREEN ENERGY is 500 MW.
THEOLIA has waited to finalise this acquisition until the Italian Government confirmed its incentive measures. Italy is now one of the most favourable countries for renewable energy development in Europe.
Jean-Marie Santander, CEO of THEOLIA:
"The acquisition of MAESTRALE GREEN ENERGY, one of the leading wind developers in Italy comes at the end of long negotiations with the founders. We held out until the incentive measures vital for our development in Italy were set in stone. Now, with a purchase price of 18 ¤ cts per kWh, Italy has become one of the most attractive countries in the world. With this acquisition, the Group's portfolio has increased by 500 MW. I am sure that MAESTRALE GREEN ENERGY will grow as fast as our subsidiaries, VENTURA in France and NATENCO in Germany. As with all our acquisitions, THEOLIA will bring to the party its financial and industrial know-how to boost organic growth in this new acquisition."
About MAESTRALE GREEN ENERGY
MAESTRALE GREEN ENERGY is one of the leading wind developers in Italy. Based in Milan with eight full time employees, their current projects are as follows:
- 21MW under construction (holding 47.9%)
- 83 MW permits pending early 2008
- 198 MW permits filed
- 198 MW under development
MAESTRALE GREEN ENERGY has become THEOLIA's Italian subsidiary.
(1) We refer to this acquisition on page 34 of the reference document registered by the AMF on 17 October 2007 under No. R07-153.
The wind market in Italy
At the end of 2007 there will be 2,600 MW of installed capacity in Italy. The Government aims to have 6,600 MW of installed capacity by 2010 and 12,000 MW by 2020.
Currently, Italian producers receive an electricity purchase obligation for 15 years at 18 ¤cts per kWh (See 2008 Financial Act approved by the Italian Senate on 15/11/2007 No. 1817), to be compared with a 2007 price of 8.36 ¤ct in France and 8.19 ¤ct in Germany.
Italy is therefore one of the most attractive markets for renewable energy production in the world.
THEOLIA Group's wind energy portfolio as at 26 November 2007(following the MAESTRALE GREEN ENERGY acquisition)
|In operation for own account||289 MW|
|In operation for third parties||177 MW|
|Under construction||226 MW|
|Building permits obtained||124 MW|
|Building permits pending||884 MW|
|Under development||1,301 MW|
|In process of acquisition||134 MW|
|PORTFOLIO TOTAL||3,135 MW|
THEOLIA is a leading European electricity producer from renewable energy. The Group operates in France, Germany, Spain, Greece, Italy and several emerging countries through its subsidiary THEOLIA Emerging Markets, including India, Brazil, some Eastern European countries and Morocco.
THEOLIA is listed on Eurolist B by Euronext Paris under the mnemonic TEO. The stock has been on the SBF 120 index since 24 September 2007.
For more information:
Tel: + 33 (0)4 42 904 904
Marché de cotation :
Eurolist B Euronext Paris
Code mnemo : TEO
Code Bloomberg : TEO : FP
Code Reuters : TEO.PA
Code ISIN : FR0000184814 © Copyright Actusnews Wire
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