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Greentech's strategic partnership with EDF on Sardinia
1 June 2009
Danish wind developer Greentech Energy Systems has agreed to sell a 50% stake in a 98.9 MW project on the Italian island of Sardinia to France's EDF Energies Nouvelles (EDF EN), the first step in a strategic partnership that should provide Greentech with the liquidity to move its pipeline of projects in Italy and Poland forward. Total transaction costs for the acquisition of the stake and the partnership agreement are about EUR 63 million. Under the terms of the partnership accord, EDF EN, the 50%-owned renewable energy subsidiary of French utility EDF, will have an option to acquire half of every project from Greentech's roughly 850 MW pipeline in Italy and Poland. The agreement also applies to other projects that will be developed by Greentech and reach the "ready to build" stage by year-end 2012. Greentech says the agreement allows it to complete the 98.9 Sardinian wind farm this year. It will also allow it to continue and complete construction of the 24 MW Cagliari II wind farm in Sardinia and a 48.3 MW project in Minerva Messina on the island of Sicily, as well as to take other projects forward. EDF EN says the agreement will allow it to position itself in Poland's promising market and to bolster its strong position in Italy. Also on Sardinia, EDF EN is constructing a 74 MW wind farm in Bonorva, expected online next year. The French group already owns holdings in four operational Italian wind farms with a combined capacity of 234.1 MW.
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