|THEOLIA Utilities Investment Company: a cross-border partnership in wind energy (2011/10/25 07:00 AM)|
THEOLIA, developer, builder and operator of wind farms, and IWB Industrielle Werke Basel (“IWB”), electricity producer and distributor in Switzerland, will be joined by the German utility company Badenova in THEOLIA Utilities Investment Company, after the approval by the German competition authorities.
Created in August 2011, THEOLIA Utilities Investment Company is a joint vehicle dedicated to invest in wind projects. It is composed of THEOLIA, a French developer and operator of wind farms, and two major European utilities: IWB in Switzerland and now Badenova in Germany. With Badenova joining the vehicle, the shareholding of THEOLIA Utilities Investment Company will be spread between THEOLIA holding 40%, and IWB and Badenova holding each a 30% interest. This agreement is subject to the approval of the German competition authorities within a month.
This cross-border partnership brings together three European energy players with the aim of jointly developing and operating onshore wind farms in France, Germany and Italy. THEOLIA acts as the operating partner: it transfers to THEOLIA Utilities Investment Company wind projects that it has previously developed, while pursuing the construction and operation of these wind farms on behalf of the vehicle. With this partnership, IWB and Badenova spread abroad and implement their strategic vision of the need of developing green energy.
The objective of the vehicle is to reach a total wind capacity of 150 to 200 MW. With a final target of 100 million euros of equity invested, combined with project financing, the vehicle will be in a position to invest more than 300 million euros.
THEOLIA Utilities Investment Company is contemplating its first wind project investment, that will concern a project located in the North of France.
Fady Khallouf, THEOLIA's CEO, stated: “Two top tier European utilities have chosen to join the vehicle THEOLIA Utilities Investment Company. This success confirms the validity of the co-investment strategy that we wished to implement. It also demonstrates the relevance of an “international partnership for the environment that crosses borders”. Today, more than ever, wind energy stands in the center of any strategy favoring the availability of a green energy respecting the environment. Geographically close and sharing our ambition to significantly develop wind energy, IWB and Badenova are the ideal partners for this vehicle.”
Bernhard Brodbeck, Head of procurement and member of the management team of IWB, stated: “To increase our renewable energy production, we have to take into account the natural potential from which Europe benefits. The partnership today extended to Badenova, an energy distributor caring about the environment, and in our direct neighborhood, is promising for both companies. With THEOLIA's operational know-how applied to our targeted markets, we are confident to reach our development plan towards 2015.”
Dr. Thorsten Radensleben, Badenova´s CEO, stated: ”The joint-venture with THEOLIA and IWB perfectly fits Badenova´s understanding of developing and acquiring new ways of renewable energy production. The driving force behind this cooperation is the international experience and advanced know-how which THEOLIA brings into this partnership. This cooperation provides ideal conditions to invest.”
THEOLIA is an independent producer of wind energy. Active over the entire wind value chain, THEOLIA develops, builds and operates wind farms in four main countries: France, Germany, Italy and Morocco. In total, the Group operates 886 MW for its own account and for third parties.
Elodie Fiorini, Communications and Investor Relations
Tel: +33 (0)4 42 906 596 - [email protected]
IWB provides its customers in the region of Basel in northwestern Switzerland with electricity, gas, district heating, drinking water and telecommunication services. Combining ecology, economics and innovation, IWB is a leader in sustainable energy and optimized energy efficiency. IWB‘s services are high value added in terms of economy and quality. IWB's 190,000 customers benefit from a large range of ecologic energy products.
Erik Rummer, Corporate Communications
Tel: +41 61 275 96 58 - [email protected]
Badenova provides over 650,000 inhabitants in the south-western part of Germany with gas, electricity, drinking-water, heat and energy services. Pursuing the Energy-Turnaround, the company´s strategy is based on renewable energies, avoidance of nuclear power and advanced energy efficiency. Over the last years, Badenova invested in wind, solar, hydropower and biomass in order to establish decentralized production structures in its own market territory. A prominent part of Badenova´s strategy consists of innovative energy solutions for private households and intelligent contracting models for industrial partners.
Dr. Roland Weis, Corporate Communications
Tel: +49 761 279 30 44 - [email protected]
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