THEOLIA set to acquire major German wind energy operator
Theolia, the France-based renewable energy company, announced today the strengthening of its European wind power activities with the imminent agreement to acquire 100% of Natenco GmbH, a major private European wind energy developer and operator, which is based in Germany.
Natenco’s primary focus is to develop, build and operate turnkey wind projects for third parties. Theolia will benefit from Natenco’s undisputed expertise in this area. In addition, Natenco has its own wind farm asset base of 25MW in France and Germany.
Theolia CEO Jean-Marie Santander said: ”Theolia has found in Natenco a partner who shares similar goals in terms of national and international growth. Natenco offers Theolia a broader European foundation, combined with long term international visibility. Theolia’s turnover will be boosted by Natenco”˜s turnkey sales activities, its management of over 140MW and electricity sales from its wind farms.”
Mr Willi Balz, Founder and President of Natenco, said: ”Renewable energy demand is increasing worldwide. This market offers very exciting opportunities. Only with a strong partner will Natenco’s strong management and staff be able to benefit from these opportunities. Theolia is the right partner for us ”“ a partner who brings invaluable complementary industrial and geographical expertise. Together, we will be able to accelerate project development in Europe and worldwide. While in the German market, we will continue to offer our investors wind farm projects of the highest quality.”
Theolia and Natenco offer complementary business models. Theolia’s model focuses on development, construction, and operation of wind parks for its own account. Natenco undertakes similar activities but principally for third parties.
On the strength of Natenco’s accounts (below), this acquisition will allow Theolia to accelerate the growth and structure of its existing business model while substantially increasing its turnover and earnings thanks to third party activities.
To accompany the acquisition and to take advantage of international investment opportunities, Theolia has announced plans for further fund raising which were ratified (94%) at the AGM of 13 October 2006 (9th and 10th resolutions). Through an arrangement with Societe Generale a financial intermediary, Theolia has the right to increase its capital by a maximum of 4 million new shares, at its own discretion, in tranches of a maximum of 600,000 shares, which are fully underwritten by Societe Generale at an issue price equivalent to 94% of the average price over the previous three days trading. Shares are subsequently placed in the market.
This arrangement with Societe Generale is known as a PACEO (Programme d’Augmentation de Capital par Exercice d’Options). The PACEO is a Societe Generale product. It offers companies a complementary means of financing through options. The result is the same as a capital increase while offering the same flexibility as a credit line. Societe Generale has already put in place similar PACEO operations in France and elsewhere in Europe.
The total amount raised by Theolia through the PACEO will depend on Theolia’s financial needs over the PACEO’s two year lifespan, and on share price and volumes.
Theolia CEO Jean-Marie Santander said: ”Theolia has established this PACEO in partnership with Societe Generale. I believe this method of increasing Theolia’s equity will meet with the same success as previous operations.”
About Theolia
Theolia is a leading independent developer of wind farms in France with a growing presence in renewable energy production in Europe. Listed on Euronext Paris (Eurolist B) under the code TEO, Theolia opened its first wind park in France in January 2006, at Fonds de Fresne in the Somme region. It has an installed capacity of 10MW. Theolia aims to reach an installed capacity of 250MW by the end of 2007 and to build an additional 150MW per year until 2010. France is a fast growing market for wind energy. The French Government has set a target of installing 13,500MW of wind capacity by 2010.
About Natenco
Established in 2000, Natenco is one of the leading independent wind power producers in Germany, which is the world’s leading wind energy market, with an installed capacity of over 18,000 MW. The Company main operations are based in Germany and France, with development projects in Greece, Czech Republic, Croatia, India and Brazil. Natenco has 33 employees.
For further information please contact:
THEOLIA
Jean-Marie Santander Prã©sident Directeur Gã©nã©ral Tã©l : + 33 (0)4 42 904 904
jean-marie.santander@theolia.com
Graham Fairbank Directeur de la Communication Tã©l : +33 (0)4 42 904 904
graham.fairbank@theolia.com
THEOLIA Sociã©tã© anonyme ã Conseil d’Administration au capital de 18 925 883 € Siã¨ge social : Parc de La Duranne ”“ 860, rue Renã© Descartes Les Plã©iades Bã¢t 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 est inscrite sur Eurolist B by Euronext Paris sous le code Mnemo : TEO
