International Power Acquires 436 MW Windfarm Portfolio in Europe

International Power acquired the 436-megawatt (MW) Levanto onshore wind farm portfolio from Christofferson Robb & Company (CRC) for an enterprise value of US$724 million.

“This acquisition provides us with an immediate, scale renewables business in Europe, together with a significant pipeline of development opportunities,” said Philip Cox, CEO of International Power. Within the International Power portfolio, the Breeze and Nuon windfarms will be referred to as the Levanto wind farm portfolio, which comprise 286 MW of capacity in operation, 126 MW under construction (to begin in 2007), and 24 MW of fully permitted capacity (to begin in 2008). The enterprise value includes the funding required to complete windfarms under construction and fully permitted; 409 MW of the capacity is located in Germany and 27 MW in France. Output from the wind farms is sold under long-term, regulated tariffs. CRC will continue to work with International Power for up to three years under a services agreement. International Power has first right of refusal to the development pipeline across Europe. International Power plc, an independent electricity- generating company, has 18,544 MW (net) in operation and 1,042 MW (net) under construction in Australia, the U.S., the UK, the Czech Republic, France, Germany, Italy, Portugal, Spain, Turkey, Bahrain, Oman, Qatar, Saudi Arabia, the UAE, Indonesia, Malaysia, Pakistan, Puerto Rico and Thailand.
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