London, England [RenewableEnergyAccess.com] International Power plc has entered into an agreement to acquire the 648 megawatt (MW) Trinergy Wind Portfolio, which includes 581 MW in operation and 67 MW currently under construction, from private investors connected with the Matrix Group and CJS Capital Partners Ltd., for an enterprise value of Euro 1,839 million [$US 2.53 million), with a total cash consideration of Euro 868 million [$US 1.19 million).
Trinergy has assets located in Italy (495 MW in operation and 67 MW under construction) and Germany (86 MW in operation). The acquisition is expected to complete by the end of the third quarter 2007 and is expected to be earnings accretive and cash flow positive from the first full year of International Power ownership.
Philip Cox, CEO of International Power, said, “This acquisition adds a high quality, large scale operating wind farm portfolio in Italy and Germany to our European renewables business. Both Italy and Germany are attractive markets with significant growth targets for renewable generation, supported by clear regulatory frameworks. Following this transaction International Power will have 1,013 MW of operational wind turbines and a further 117 MW under construction.”
The cash consideration of €868 million (US$ 1.19 million) will be funded by non recourse acquisition debt of €300 million (US$ 412 million) and current liquid resources of €568 million (US$ 781 million) from International Power.
International Power plc is a leading independent electricity generating company with interests in over 29,000 MW of power generating capacity, located in 19 countries.