|THEOLIA and RheinEnergie signed agreement for the sale of a 100 MW wind farm portfolio in Germany (2009/06/29 08:00 AM)|
RheinEnergie AG (Cologne, Germany) and THEOLIA (Aix en Provence, France) signed an agreement for the sale of 100.6 MW of operating assets and wind projects.
The portfolio consists of 19 wind farms in Germany. Of the total 100.6 MW, approximately 80 MW are in operation and the balance is expected to be commissioned by the end of the year.
The sale is made by THEOLIA's German subsidiary Natenco, which will provide the full operational management for the life of the individual farms.
The parties agreed not to disclose the price of the transaction.
Marc van't Noordende, CEO of THEOLIA, said: ”The sale of this portfolio confirms Natenco's reputation as major developer of wind energy assets in Germany. We are glad to add an established energy company like RheinEnergie to Natenco's existing base of long term partners. The transaction confirms the viability of our decision to resume the sale of wind farms by Natenco.”
”We are pleased to have signed this transaction and partnership with THEOLIA, ” is the comment of Dr. Dieter Steinkamp, CEO of RheinEnergie. ”In our long-range concept 'Energy And Climate 2020', one of our most important objectives is to obtain a vast amount of renewable energy for substitution of conventional fuel-fired plants. We aim for an average share up to 20 percent of renewables compared to our existing conventional combined power plant capacities. RheinEnergie takes very seriously its responsibility for roughly 2.5 million people within the Rhine River area; it is our prime task to do our part of the work in stabilizing the climate and the environment.”
This transaction is subject to permission from the German Bundeskartellamt (Federal Merger Office).
THEOLIA is a European producer of electricity from wind energy. THEOLIA is active in France, Germany, Italy, India, Brazil and Morocco. THEOLIA trades on the compartment B of Euronext Paris, regulated market of NYSE Euronext, under the symbol TEO. The stock is in the CAC MID100 index.
RheinEnergie AG is the regional provider for electricity, natural gas, district heating and drinking water for the Rhine River area around the City of Cologne with a tradition of more than 135 years. RheinEnergie AG holds multiple subsidiaries of smaller utilities companies in the region. RheinEnergie is a public company with 80 percent of the shares in possession of the City of Cologne and 20 percent being held by the RWE group. Annual turnover 2008 amounts to about 4 billion Euro.
Edward F. McDonnell
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