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French Théolia buys 28.5 MW in Germany
1 January 2006
French energy producer Théolia has joined the list of foreign investors buying up wind assets in Germany. In November the company signed a letter of intent with German Prowind to acquire 28.5 MW of installed capacity worth EUR 33.8 million. The deal, to be financed 20% by Théolia and 80% by senior debt contracted by banks, comprises three turnkey projects: Ladbergen II (three Repower 2 MW turbines), which came online in October; Saerbeck (four Repower 2 MW units), due for completion in February; and Sendenhorst (two GE 1.5 MW units and five GE 2.3 MW units) scheduled for May. Prowind will operate the plant. "Thanks to this acquisition Théolia will be able to benefit from the experience and maturity of the German wind sector," says CEO Jean-Marie Santander " The purchases are the latest in Théolia's ambition to become a major player on the European renewables stage. Its target is to own 100 MW of installed wind power by the end of 2006 and to add 150 MW a year after 2007. To this end, the company has been pursuing a strategy of external growth. It raised over EUR 34.6 million in equity from mostly European institutional investors in the year to June 2005. Its first acquisition was a 99.4% stake in French developer Ventura (Windpower Monthly, July 2005), giving Théolia a portfolio in France comprising a recently completed 10 MW plant, 59 MW under construction or awaiting financing, some 240 MW awaiting consent and around 120 MW in development. The company owns two thermal power stations in France and is involved in developing wood and biomass generation plant in Germany and Belgium. Other areas of interest are waste treatment and desalination plant.
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