THEOLIA : THEOLIA's brisk international Expansion continues

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Following the strategic agreement with GE Energy Financial Services, adopted by a significant majority during the general shareholders' meeting of 29 June and ratified definitively on 2 July by Alex Urquhart, President and Chief Executive Officer of GE EFS, and Jean Marie Santander, Chief Executive Officer of THEOLIA, the Group has taken further steps in its international expansion.

THEOLIA has carried out a number of acquisitions since the start of the year, strengthening its position in Europe and its worldwide production capacity. It has also signed an agreement to sell a block of 45.4 MW in Germany. The Group has also undergone reorganisation following the acquisition of Natenco.

I. Acquisitions

Agreement concerning acquisition in Italy

On 29 June 2007, THEOLIA signed an agreement to acquire an Italian developer. Once the current due diligence procedures are complete, THEOLIA will have a 21 MW wind farm, due to become operational by the end of the year, as well as several developments representing capacity of around 75 MW that should receive authorisation in the near future and 220 MW under development. All of these developments are in Italy. This agreement will also reinforce THEOLIA's European workforce with the addition of seven employees from the Italian group.

Agreement concerning acquisition in the Netherlands

THEOLIA also signed an agreement on 29 June 2007 to acquire a Dutch company that owns the following wind and solar energy developments:

Italy Wind energy: 220 MW under development
Solar energy: permission obtained for 1.6 MW
Greece  Wind energy: 7.2 MW to be operational by the end of the year and 87 MW under development
Solar energy: permission obtained for 0.6 MW + 2 MW under development
Namibia Wind energy: 92 MW under construction
Works will begin in the third quarter of 2007. This development benefits from a subsidy from the Dutch government, as well as proceeds from the sale of carbon credits. It will be transferred to subsidiary THEOLIA Emerging Markets, as described below.

THEOLIA also has an option to acquire a 5 MW development under construction in South Africa.

These acquisitions will be financed in shares, to be issued as the Group obtains definitive building permits.

II. Agreement with FC Holding

THEOLIA has decided to sign an agreement with FC Holding, former owner of the Natenco group, concerning the block sale of wind farms. THEOLIA had previously stated that it would maintain some of the wind farms in order to manage them on its own behalf, while others would be sold to third parties. THEOLIA has announced a 150 MW increase in wind energy capacity managed on its own behalf and the sale of 150 MW to third parties in 2007.

Prior to this agreement, THEOLIA registered the sale of 22.5 MW in Germany, representing a revenue of ¤35 millions and a projected gross profit of ¤5 millions. The agreement with FC Holding concerns an initial block of 45.4 MW representing a revenue of ¤66.6 millions and a projected gross profit of ¤11.1 millions.

In Germany, the Group secured the sale of 68 MW to third parties in the middle of the year, representing projected revenues of ¤102 millions and gross profit of ¤16.1 millions. The agreement gives FC Holding a pre-emptive right for future sales in Germany.

This agreement will help to improve THEOLIA's rates of return, as the Group previously sold wind farm developments in Germany on an individual basis, receiving payment in the final month of the year. By outsourcing activities to FC Holding - a real specialist in this kind of transactions - rates of return should improve by smoothing out the impact on cash flow.

In France, the Group sold 28 MW in the middle of the year representing revenues of ¤36 millions.

At Group level, a total of 96 MW has been sold representing a revenue of ¤138 millions.

III. Reorganisation

Creation of THEOLIA Emerging Markets

On 1 June 2007, THEOLIA received a letter of intent from an international financial institution concerning the acquisition of a stake in a company to be called THEOLIA Emerging Markets, which will operate exclusively in emerging markets.

THEOLIA will own 51% of the new entity and the international financial institution will own 17%, subject to current due diligence procedures. The remaining share capital is reserved for industrial partners and/or financial institutions.

THEOLIA Emerging Markets will own 100% of six subsidiaries

  • THEOLIA Wind Power Pvt Ltd (India)
  • *THEOLIA CEE (Eastern Europe)
  • THEOLIA Do Brazil (Brazil)
  • *THEOLIA Morocco
  • *THEOLIA Namibia
  • *THEOLIA South Africa.

* in set up process

THEOLIA Emerging Markets aims to have installed capacity of 600 MW by 2011.

Creation of THEOLIA America

THEOLIA has decided to create a new wind and hydroelectric power production subsidiary in the United States and Canada. The Group is looking into the possibility of acquiring several wind farm developments in the United States. Its aim is to own a minimum of 1,000 MW in production by the end of 2011.

The Group has also decided to transfer its Canadian hydroelectric operations to THEOLIA America. The agreements signed in Canada provided the construction of 350 MW of hydroelectric capacity by 2012.

Jean-Marie SANTANDER, Chief Executive Officer:

"I am particularly proud of THEOLIA's international expansion. From the outset, THEOLIA has taken a civic-minded and international approach to environmental issues. It was therefore a logical and natural step for us to establish our presence in both the northern and southern hemispheres, bringing together multi-cultural employees and skills, showing that environmental factors and profitability can be combined anywhere in the world".

THEOLIA is a leading independent developer of wind farms in Europe. The acquisition of GE Energy Financial Services' wind farms has enabled THEOLIA to increase its installed capacity from 88MW to 253MW. THEOLIA's activities cover the development, construction and management of wind farms. The Group 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: www.theolia.com.


Media contact
Dolores Muniz
Tel: +33 (0)4 42 904 904
dolores.muniz@theolia.com

THEOLIA
Société anonyme à Conseil d'Administration. Registered capital of ¤38,235,117
Head Office: 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 is listed on Eurolist B by Euronext Paris code Mnemo: TEO © Copyright Actusnews Wire
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