THEOLIA : Value-creating wind energy alliance completed by GE Energy Financial Services and THEOLIA

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PARIS and STAMFORD, Conn., July 2, 2007 - GE Energy Financial Services, the energy investing unit of GE (NYSE:GE), and Theolia announced today the completion of a previously announced transaction that will significantly increase Theolia's wind generation portfolio in Europe, bring it additional capital to fund growth, and form an alliance to access additional wind project development opportunities and structured capital expertise between the two companies.  All necessary corporate and regulatory approvals have been obtained, including those of Theolia's shareholders and the French financial regulator, the Autorité des Marchés Financiers.  

Theolia and GE Energy Financial Services will collaborate on a number of fronts to bring additional value to both parties.  In wind farm development, GE Energy Financial Services will work with Theolia on a preferential basis in the European Union to seek to bring additional growth opportunities to Theolia.  Theolia is expected to benefit from GE Energy Financial Services' energy industry and financial structuring expertise as well as access to project finance and GE's energy products and services.  Theolia will provide GE Energy Financial Services with investment opportunities in existing and future development projects, as well as access to an experienced management team specialized in the growing European wind energy market.

In an assets-for-equity exchange, Theolia acquired GE Energy Financial Services' European wind farms, which have a total installed capacity of 165 megawatts, materially strengthening its operating position in Germany and giving Natenco, Theolia's German subsidiary, additional growth potential.  In return for the contribution of its wind farms to Theolia, GE Energy Financial Services received 5,250,000 new shares of Theolia.  As part of the transaction, GE Energy Financial Services has also made a capital contribution of ¤ 20 million to support Theolia's ambitious growth strategy in return for 1,212,000 new Theolia shares and, was granted warrants to acquire 3,000,000 additional Theolia shares.  As a result, GE Energy Financial Services has an 17.03% stake in Theolia.

GE Energy Financial Services is represented on the Board of Theolia by Andrew Marsden, Managing Director and Head of GE Energy Financial Services' European activities, and Yves Menat, President and Managing Director of GE Energy Products Europe.

Jean-Marie SANTANDER, THEOLIA's chief executive officer, said: "I am proud for THEOLIA. This strategic partnership with GE Energy Financial Services reinforces our position in the marketplace. It enables us to accelerate our development and further adds value-creating synergies. Since the announcement of our agreement in February, the professionals of the sector regard us as a major challenger. We see many more opportunities each day. I anticipate THEOLIA performance will soon reflect the positive results of this synergy».

Alex URQUHART, President and CEO of GE Energy Financial Services, said: "Our collaboration with Theolia fits well with GE Energy Financial Services' growth strategy to extend its commitment to renewable energy in Europe.  By forging a close working relationship with Theolia, we are working with an experienced developer that is well positioned to capitalize on opportunities in the rapidly growing European wind energy sector." 

The prospectuses relating to the transaction have been respectively registered under number E 07-100 with, and approved under number°07-190 by the French financial regulator, the Autorité des Marchés Financiers.


About GE Energy Financial Services' German wind farms

GE Energy Financial Services contributed its German wind farms located at Alsleben, Krusemark, Grossvargula and Zabelsdorf. They have a total installed capacity of 165 megawatts and employ 66 REpower 1.5 MW turbines and of 44 GE 1.5 MW turbines.  The combined portfolio produces enough power to provide for the needs of 70,000 homes and reduces greenhouse gas emissions by 350,000 tons a year, compared to fossil fuel power generation.

About Theolia

Theolia is a leading independent developer of wind farms in France with a growing presence in renewable energy production across Europe. Through the acquisition of GE Energy Financial Services' wind farms in Germany, Theolia significantly increases its installed capacity from 78MW to 243MW. 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, visit: www.theolia.com

About GE Energy Financial Services

GE Energy Financial Services' 300 experts invest globally with a long-term view, across the capital spectrum and the energy and water industries, to help their customers and GE grow.  With US$14 billion in assets, GE Energy Financial Services, based in Stamford, Connecticut, and with European offices in London, Paris and Frankfurt, invests more than US$5 billion annually in two of the world's most capital-intensive industries, energy and water.  In renewable energy, GE Energy Financial Services has developed a strong record investing in wind, solar, biomass, hydro and geothermal power, and is growing its portfolio of more than US$2 billion in renewable energy assets.

For more information: www.geenergyfinancialservices.com.

About GE

GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems.  With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com.


 

Media contacts

Dolores Muniz
Communications
THEOLIA
Tel : +33 (0)4 42 904 571
dolores.muniz@theolia.com

Ken Koprowski
Communications
GE Energy Financial Services
Tel : + 1-203-961-5743
ken.koprowski@ge.com

THEOLIA
Société anonyme à Conseil d'Administration
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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