A convertible-bond issue by France-based renewable energy company Theolia was four times oversubscribed, with applications worth EUR 910 million for an initial offer of EUR 190 million. By exercising both the extension clause and the over-allotment option, the company raised EUR 240 million, "demonstrating the appeal of its economic model to investors," according to the company. The money will go to "strengthen its organic growth, secure the provision of turbines, speed up the roll-out of wind farms and refinance the working capital requirements of its subsidiary Natenco," says the company. Natenco is a German wind project developer and operator Theolia bought in 2006. Some of the proceeds will also go to "seizing further external growth opportunities" and supporting Theolia's activities in emerging markets. The company is targeting 2000 MW of installed wind power by 2011. At present it operates 289 MW of its own wind plant and 177 MW for third parties. It reports a further 205 MW under construction, 124 MW fully permitted, applications pending for 665 MW and 1033 MW in development. It is also in the process of buying 402 MW.
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