THEOLIA : Thenergo (formerly Theolia Benelux) Pre-IPO Fund-raising 75% Over-subscribed

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Theolia SA, the France-based wind power developer, has announced a successful pre-IPO fund-raising for its subsidiary, Thenergo (previously Theolia Benelux), a Belgium-based company which produces clean energy mainly from biomass.

Thenergo has raised ¤70mn ahead of its planned listing on Alternext
in May. Amsterdams Effectenkantoor BV (AEK), the Dutch investment bank, advised Thenergo on its fund-raising.  Originally, Thenergo had expected to raise ¤40mn.

Theolia board member and Thenergo Chairman, Jacques Putzeys, said that investor appetite for Thenergo shares was greater than expected because of the strength of the company's business model.

"We are market leaders operating in a high-growth sector. Our approach will be similar to Theolia's. The funds we've raised will enable us to put equity on the table to get clean energy projects off the ground faster than our competitors. We will also be able to make acquisitions, where this is advantageous for our shareholders," said Jacques Putzeys, Thenergo Chairman.

Thenergo will have complete operational independence from Theolia SA.

Jean-Marie Santander, Theolia SA's Chief Executive, who will also sit on the Thenergo board, said:

"Thenergo's fund-raising and listing on Alternext Paris makes strategic and financial sense for Thenergo and Theolia. We at Theolia will concentrate on continuing to grow our wind power business. Thenergo will now have the autonomy and financial backing to take advantage of the new opportunities in biomass, combined heat and power and related sectors. Their independence enjoys the overwhelming support of our investors, many of whom are also investing in Thenergo."

But Theolia does not intend to disengage from its subsidiary. On the contrary, far from disengaging, Theolia intends to continue taking an active role in developing its strategy through its seat on the board. Furthermore, Theolia should undoubtedly capitalise on Thenergo's expected future growth in value.

By the time of its planned listing on Alternext in May, Theolia's stake in Thenergo is expected to be less than 50%.


About Thenergo:

Thenergo has emerged from combining three different legal entities, Theolia Benelux, Polargen and Theolia Environnement.

Theolia Benelux

  1. Investing in sustainable energy projects
  2. Developing renewable energy projects focusing on biomass and biogas
  3. Building and operating decentralised green power units
  4. Trading Energy, green certificates and CHP certificates

Polargen

  1. Developing energy projects focused on cogeneration
  2. Building and operating decentralised cogeneration power units
  3. Trading energy and CHP certificates

Theolia Environnement

  1. Transforming and recycling renewable materials into energy
    • Fat into bio-diesel
    • Vegetable waste into bio-diesel
    • Organic waste into bio-diesel
    • Waste plastic into fuel / diesel
  2. Waste treatment
  3. Sludge separation

At the end of 2006, Thenergo had 6 running CHP projects delivering 25 MWe of power. In 2007 Thenergo expects to add at least another 45 MWe spread over 20 different projects.

For more information, please visit: www.theolia.be

About Theolia:
Theolia is a leading independent developer of wind farms in France with a growing presence in renewable energy production across Europe. Subject to shareholder approval, Theolia will significantly increase its installed capacity from 78MW to 243MW through the acquisition of GE Energy Financial Services' wind farms in Germany. Theolia's activities cover the development, construction and management of wind farms. The company is present in France, Germany, Spain, Greece, Eastern Europe, India and Brazil. Theolia is listed on Euronext Paris (Eurolist B) under the code TEO. For more information, please visit: www.theolia.com
* Subject to Euronext approval



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