Project Development, Wind Power

Theolia and GE Energy Financial Services Form Alliance

An agreement between GE Energy Financial Services and Theolia will open access for additional wind project development opportunities and fund structured capital expertise for Theolia’s wind generation portfolio in Europe.

In an assets-for-equity swap, Theolia will acquire GE Energy Financial Services’ European wind farms, which have a total power generation capacity of 165 megawatts (MW). In addition, GE Energy Financial Services will support Theolia with Euro 20 million [US$26 million] in return for 1,212,000 new shares and be granted warrants to acquire 3,000,000 additional Theolia shares. As a result, GE Energy Financial Services will have the opportunity to increase its ownership in Theolia up to 22 percent of the company’s share capital on a fully diluted basis. GE Energy Financial Services’ German wind parks, located at Alsleben, Krusemark, Grossvargula and Zabelsdorf, have a total installed capacity of 165 MW. They are composed of 66 REpower 1.5 MW turbines and of 44 GE 1.5 MW turbines. Through the acquisition of GE Energy Financial Services’ wind farms in Germany, Theolia significantly increases its installed capacity from 78 MW to 243 MW. Theolia’s activities cover the development, construction and management of wind farms in France, Germany, Spain, Greece, Eastern Europe, India and Brazil. “Theolia is well positioned to capitalize on opportunities in the rapidly growing European renewable energy sector,” said Alex Urquhart, President and CEO of GE Energy Financial Services, “and our collaboration with Theolia is a strong fit with GE Energy Financial Services’ growth strategy for Europe.”