Paris, 12 September 2007 - THEOLIA has entered an agreement with EDF Group to acquire part of the share capital (84.5%) of Compagnie Eolienne du Détroit (CED) owned by the French electricity producer, EDF. The effective date of such agreement remains subject to conditions precedent.
Based in Tétouan, in the North of Morocco, CED owns the biggest wind farm in the country. It comprises 84 wind turbines with a total installed capacity of 50,4 MW and an output of c. 190 GWh per year.
THEOLIA will benefit from the agreement with the Moroccan National Office of Electricity (Office National de l'Electricité, ONE) which has committed to purchase all electricity produced for a further 12 years, at a predefined rate.
A team of 10 people has been managing this wind farm since it was commissioned in 2000. THEOLIA can now rely on this team and thus implement its strategy to integrate maintenance of its wind farms in emerging countries.
Jean-Marie Santander, CEO of THEOLIA said: "Thanks to this acquisition, THEOLIA has become a major player in Moroccan wind power".
Elsewhere, the Group has just set up an affiliated holding company, called THEOLIA Emerging Markets which will develop, build and operate wind and solar energy farms. Several projects are under way in India, Eastern Europe, North Africa, Sub-Saharan Africa and South America. CED will be the first wind farm owned by the Group in an emerging country.
Mr. Santander went on: "I am very proud that the first wind farm to be installed by THEOLIA Emerging Markets is based in Morocco. THEOLIA Emerging Markets will give us a bridge head into emerging countries."
THEOLIA is a leading European independent producer of renewable energies. THEOLIA's activity spans development, construction and operation of wind farms. THEOLIA operates in France, Germany, Spain, Greece, Eastern Europe as well as India and Brazil. THEOLIA is quoted on the Paris (Eurolist B) under the mnemonic TEO.
For any further information see : www.theolia.com.
Tel: +33 (0)4 42 904 904
Public limited company capitalised at ¤38 235 117
Headquarters : Parc de la Duranne - 860 rue René Descartes
Les Pléiades Bât F - 13795 Aix en Provence cedex 3
Tel : + 33 (0)4 42 904 904 - Fax : + 33 (0)4 42 904 905 - www.theolia.com
THEOLIA trades on Eurolist B, Euronext Paris under the mnemonic: TEO © Copyright Actusnews Wire
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