France

France

Theolia averts bankruptcy via successful rights issue

FRANCE: French wind developer and operator Theolia has raised the EUR60.5 million it needed to stave off bankruptcy via a rights issue.

Theolia...rights issue
Theolia...rights issue
The capital increase is the final stage of a plan to restructure EUR253 million of convertible bonds, write off some of its debt and enable the group to continue building its development pipeline.

Having got the restructuring plan behind it, Theolia will now concentrate its efforts on developing and building projects, the company says. It has decided to revert to its former policy of retaining some operating plant rather than selling all operating assets to raise cash for new development.

This will provide a more predictable and regular income flow, the company says. In some cases, it might also sell a minority stake in a project to outside investors.

As of May 31, the group had 264MW installed capacity on its own account and 518MW under management.

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