|THEOLIA reports record 2007 sales (2008/02/13 08:45 AM)|
THEOLIA Group, a leading European wind energy company, announced today record consolidated 2007 sales of €306 million, an increase of 350% over 2006.
THEOLIA achieved this milestone by strongly growing its electricity sales and its sales of wind farms to third parties.
As of 31 December 2007, wind farms under the Group's operation (both for its own account and for third parties) reached a total installed capacity of 630 megawatts (MW), an increase of 408 MW from the prior year. This rapid growth represents a material step forward in meeting THEOLIA's target of an installed operating capacity of 2,000 MW by the end of 2011.
The increase in sales stemmed from the commercial operation of wind farms that THEOLIA fully developed, the integration of the Group's German subsidiary (Natenco), as well as the production of electricity from wind farms contributed by GE Energy Financial Services, representing an installed capacity of 165 MW. In 2007, THEOLIA benefited from the first full year consolidation of Natenco and a half year of the GE Energy Financial Services' wind farms.
In THEOLIA's core markets, France and Germany, the Group recorded sales of €299 million, more than quadrupling from 2006.
THEOLIA further strengthened its European footprint by acquiring a leading Italian wind developer, Maestrale Green Energy, with a pipeline of 500 MW.
In 2007, THEOLIA created a vehicle dedicated to emerging markets, the Morocco-based Theolia Emerging Markets (TEM). Building this vehicle, at the beginning of January 2008, THEOLIA finalised the acquisition of an operating wind farm of 50 MW - which has significant expansion opportunities – near Tangiers (Morocco).
Jean-Marie Santander, Chairman and Chief Executive Officer of THEOLIA, said: “Our achievements in 2007, combined with the longer legacy of our activities, have set the stage for continued growth in 2008 and beyond. Our successful strategy is based on developing and operating wind farms, a portion of which we sell to cover capital costs of additional development, as well as strengthening our presence in Europe and positioning the company for growth opportunities in emerging countries.”
To fund its expansion, THEOLIA issued a convertible bond of €240 million in November 2007. The offering was four times oversubscribed, confirming investor confidence in THEOLIA.
The production of electricity from wind farms under THEOLIA's operation meets the needs of approximately 370,000 households, contributing to the European Union's target of a 20% share of renewable energy sources in energy consumption by 2020.
THEOLIA financial highlights
2007 financial results will be published on April 14, 2008.
THEOLIA is a leading European electricity producer from renewable energy. The Group operates in France, Germany, Spain, Greece, Italy and, via its subsidiary Theolia Emerging Markets, in a range of emerging markets including India, Brazil, some of Eastern Europe and Morocco.
For further information
Société anonyme à Conseil d'Administration . Registred capital 38,681,671€
Head office : Parc de La Duranne – 860, rue René Descartes
Les Pléiades Bât F – 13795 Aix-en-Provence cedex 3
Tel : +33 (0)4 42 904 904 – Fax : +33 (0)4 42 904 905 - www.theolia.com
THEOLIA is listed on Eurolist B, Euronext Paris code: TEO
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