Printer Friendly

France : International Consortium Acquires 32 Wind Farms in France.

A consortium comprising EDF Energies Nouvelles, MEAG, the asset management arm of Munich Re and ERGO, and GE Energy Financial Services, a unit of GE, is buying 32 operating wind farms in France from Iberdrola.

The portfolio of onshore wind farms, which are spread throughout France and were commissioned in 2006-2012, have a combined capacity of 321.4 megawatts using turbines from a variety of manufacturers. Electricity generated is sold according to longterm contracts under France's feed-in tariff. The transaction is valued at 350 million, plus an earn-out of up to 50 million, depending on production over the next five years.

Upon completion of the transaction, subject to regulatory approval, the wind portfolio's ownership will be: EDF Energies Nouvelles at 20 percent, GE Energy Financial Services at 40 percent and MEAG at 40 percent. EDF Energies Nouvelles will provide asset management and operation & maintenance services for the wind farms. The consortium envisions re-powering some of the wind farms, which feature 160 turbines, to improve their efficiency and reliability using GE technology.

Each member of the consortium stated that the transaction is consistent with its renewable energy investment strategy.

"This transaction is a great opportunity for EDF Energies Nouvelles to expand its wind assets portfolio in France and scale up its O&M business. GE's and MEAG's diligence and knowledge of this industry allowed us to sign this acquisition in the targeted timeframe," said Emmanuel Jaclot, executive vice president of EDF Energies Nouvelles.

"With this investment we are adding more sustainable investments with calculable risk and attractive returns to our portfolio, leveraging the know-how of the entire Group," said MEAG Managing Director Holger Kerzel.

"We are pleased to partner with EDF Energies Nouvelles and MEAG in acquiring a substantial portfolio of operating wind projects in France, and intend to seek additional opportunities to expand our renewable energy assets in Europe," said Andrew Marsden, a managing director and European leader at GE Energy Financial Services.

2012 Al Bawaba (Albawaba.com)

Provided by Syndigate.info an Albawaba.com company

COPYRIGHT 2013 Al Bawaba (Middle East) Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2013 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Mena Report
Geographic Code:4EUFR
Date:Jan 3, 2013
Words:336
Previous Article:France,United Kingdom : International Consortium, Including GE s Energy Investing Unit, Acquires 32 Wind Farms in France.
Next Article:France : FRENCH FIRM to set up floating solar power system in the market.
Topics:

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters