THEOLIA, a leading producer of renewable energy, organised a press conference today in Madrid to outline its history, strategy and ambitions.
Founded in 1999, THEOLIA has seen very strong growth since Jean-Marie Santander took over as CEO in June 2004. The company now has a wind energy portfolio of more than 3,100 MW and its stock is a component of Euronext Paris's SBF 120 index.THEOLIA went from the Marché Libre to the SBF 120 in just 14 months, thereby demonstrating its potential.
A varied presence in order to meet local opportunities
THEOLIA is already active in France, Germany, Spain, Greece, Italy and, via its subsidiary THEOLIA Emerging Markets, several emerging markets: India, Brazil, Morocco and a number of eastern European countries. The electricity production market differs depending on the geographical zones in which THEOLIA is present. In western European countries, the industry is supported by incentive measures put in place by the various states, whereas, in eastern European countries and emerging markets, operating income comes from selling electricity and CO2 certificates. It is for this reason that THEOLIA set up a subsidiary, THEOLIA Emerging Markets, fully dedicated to these countries.
Two complementary business models in wind energy
The THEOLIA Group's revenues come from the electricity produced by its wind farms and the sale of wind farms to third parties.These two business models are complementary.Thus, in the case of a 10 MW wind farm, if THEOLIA opts to sell it to third parties, it will have sales of ¤15-16 million with a gross margin of around 15%.If, on the other hand, THEOLIA keeps the wind farm and produces electricity for its own account in France, it will generate sales of ¤2 million per year with an EBITDA of ¤1.6 million.
The difference between the two business models is to do with the recurring turnover for wind farms that the company keeps with an income stream over 15 to 20 years.
THEOLIA originally decided to fully own 50% of the wind farms it builds and to sell the other 50% to third parties. However, following the recent success of its bond issue in October 2007 when ¤240 million was raised, the Group is thinking about increasing the share of projects to be fully owned and operated for its own account.
THEOLIA in Spain
The THEOLIA Group is now present in Spain via its subsidiary, THEOLIA Iberica, based in Barcelona.
This subsidiary, chaired by Jean-Marie Santander and managed by Juan Boveda Sanz, supported by the THEOLIA Group, oversees all the phases of a project's lifecycle: canvassing, development or acquisition of assets, construction and operation. It has a portfolio of projects in Spain and Portugal that are variously authorised, under development or in the process of acquisition.
THEOLIA Iberica benefits from incentive measures put in place in Spain, where the 2010 target for installed power is 20,000 MW (National Renewable Energy Plan 2005-2010). Installed power was 11,615 MW at the beginning of 2007.
Prices for buying electricity produced by operators are determined by the law on renewable energy (Royal Decree RD661/2007) for a period of 20 years.
First project: A wind farm with a capacity of 57.5 MW located in Almeria
THEOLIA Iberica has acquired the rights to build and operate a wind farm located in Almeria in Andalusia. The project involves three subsets - Almeria I, Almeria II and Almeria III - to be connected to the national network via a transmission line currently at the end of its construction phase (nominal power of 200 MW). This power line is being built by Asset Electrica (50% owned by THEOLIA Iberica) on behalf of Endesa. It will enable THEOLIA Iberica to inject its own production into the network and will also be used by other operators. The line has been declared a public utility and is scheduled to become operational in March 2008.
In the first stage, THEOLIA Iberica will install nominal power of 40 MW. This first section will produce 79,000 MWh, making it possible to provide electricity, excluding electric heating, to about 40,000 people and avoid 65,000 tonnes of CO2 emissions. Work will begin at the end of 2008 and the wind farm will be operational in mid-2009.
Jean-Marie Santander, CEO of THEOLIA and Chairman of THEOLIA Iberica: "For the THEOLIA Group and its shareholders, the development of THEOLIA Iberica confirms our ambitions in southern Europe and stresses our determination to be a key player in European electricity production from renewable energy. The first project in Almeria, with target installed capacity of 57.5 MW, fits in with the Group's outlook. We are also negotiating other operations in southern Europe."
THEOLIA Group's wind energy portfolio as at 29 November 2007
|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|
Target of 2,000 MW in operation by 2011
THEOLIA is growing rapidly and has set itself the target of building wind farms with installed power of around 2,000 MW by 2011.
The Group aims to increase the number of wind farms it owns and operates for its own account and to develop its business in western Europe - particularly in Spain with THEOLIA Iberica - and in emerging markets via its dedicated subsidiary, THEOLIA Emerging Markets.
THEOLIA is listed on Eurolist B by Euronext Paris under the mnemonicTEO. The stock has been on the SBF 120 Index since 24 September 2007.
For more information:
Tel: + 33 (0)4 42 904 904
French société anonyme (public limited liability company with board of directors)
with share capital of ¤38,235,117
Registered office: Parc de La Duranne - 860, rue René Descartes
Les Pléiades - Bât F - 13795 Aix-en-Provence cedex 3 - France
Tel: +33 (0)4 42 904 904 - Fax: +33 (0)4 42 904 905 - www.theolia.com
THEOLIA is listed on Eurolist B, Euronext Paris under the mnemonic TEO
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