THEOLIA : Creation of the investment vehicle THEOLIA Utilities Investment Company
THEOLIA, developer, builder and operator of wind farms, will enter into partnership with IWB Industrielle Werke Basel ("IWB"), electricity producer and distributor in Switzerland, to jointly invest in wind farms. Formal approval has been given by both Boards of Directors.
The two partners intend to create THEOLIA Utilities Investment Company, an investment vehicle dedicated to invest in wind projects in France, Germany and Italy. This vehicle is set aside for utilities, producers and distributors of electricity, willing to commit themselves for the long term and sharing the same vision of the development potential of wind energy and the imminent rebalancing of the energy mix in favor of green energies.
With a final target of 100 million euros of equity invested, combined with project financing, the vehicle will be in a position to invest more than 300 million euros.
IWB is the first partner to join the vehicle with an interest of 30%. At the creation, THEOLIA will hold 70% of THEOLIA Utilities Investment Company and its target is to hold a 40% interest at the end. Discussions are ongoing with other utilities willing to join the vehicle.
Wind projects will be acquired by THEOLIA Utilities Investment Company from THEOLIA, which will be in charge of the development, construction and the operation of the farms for their life span. THEOLIA is paid for each of these tasks.
As first achievement, THEOLIA Utilities Investment Company will invest in a wind project, developed by THEOLIA in France and having a construction permit free of third party claims.
Fady Khallouf, THEOLIA's CEO, stated: "The creation of this investment vehicle is a major step for THEOLIA. It is an implementation of its co-investment strategy, a key element of its model for growth. Indeed, revenues and advantages generated by this partnership will allow the Group to accelerate its development.
Going further, this partnership with electricity distributors strongly involved in renewable energies reflects THEOLIA's commitment to produce green electricity to meet the growing electricity demand of local populations. »
Bernhard Brodbeck, IWB's head of production and procurement, stated: "The investment in THEOLIA Utilities Investment Company is an attractive and promising part of our strategy concerning the intense development of our own renewable energy sources. Thereby IWB secures an alternative acquisition channel to enlarge its portfolio of wind energy in selected European countries. It allows us to control efficiently the investment risks across all project phases from development up to sustainable park operation."
THEOLIA is an independent producer of wind energy. Active over the entire wind value chain, THEOLIA develops, builds and operates wind farms in four main countries: France, Germany, Italy and Morocco. In total, the Group operates 877 MW for its own account and for third parties.
Tel: +33 (0)4 42 904 904
IWB is the utility company in the region of Basel in northwestern Switzerland, providing its customers with renewable electricity, gas, district heating, drinking water and telecommunication services. Combining ecology, economics and innovation, IWB is a leader in sustainable energy and optimized energy efficiency. IWB's strategy includes intense development of its own renewable power production assets as wind, solar, and biomass: By 2015, green energy sources are to account for 25% of IWB's total electricity production.
Tel: +41 61 275 9658
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