Macquarie makes friendly offer for Theolia

FRANCE: Australian bank Macquarie has launched a takeover bid for independent French wind player Theolia through its European infrastructure fund, subject to regulatory approval.

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The deal, which has the backing of Theolia's board, aims to give the company "a long-term, majority shareholder that will provide stability in a difficult economic and regulatory environment", Theolia said.

It will allow Theolia to continue building its development pipeline and plan the repayment of its convertible bonds ahead of the early redemption date of 1 January 2015. The bonds, issued in 2007, were restructured in 2010 as part of a plan to pay down the company's debt.

Theolia currently has 1.27GW operating in France, Germany, Italy and Morocco on its own account and on behalf of third parties.

Macquarie's infrastructure funds currently hold 122MW of net operating capacity in Europe. The group has also been awarded three offshore projects in the UK and is involved in the troubled 400MW Marena project in Mexico.

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