Intl Power buys Euro wind farms for £379m
International Power has acquired the 436 MW Levanto onshore wind farm portfolio from Christofferson Robb & Company for an enterprise value of £379m.
The Levanto wind farms comprise 286 MW of capacity in operation, 126 MW under construction, due to start operation in 2007, and 24 MW of fully permitted capacity, expected in 2008.
Some 409 MW of the capacity is located in Germany and 27 MW in France, with output from the wind farms sold under long term, regulated tariffs.
International Power has first right of refusal to CRC’s development pipeline across Europe.
International Power boss Philip Cox said, “This acquisition provides us with an immediate, scale renewables business in Europe, together with a significant pipeline of development opportunities.”
The company’s total equity investment will be £127m, of which £67m will be funded from current liquid resources and the remainder via long term vendor finance of £60m provided by CRC.
The acquisition is expected to be earnings and free cash flow enhancing in the first full year of ownership.
