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14 February 2007 – Theolia, the French independent wind farm developer, announced an agreement with GE Energy Financial Services that increases its wind generation portfolio in Europe,
The deal is an assets-for-equity swap. Theolia will acquire GE Energy Financial Services' European wind farms, while in return GE Energy Financial Services will receive 5.25 million new shares of Theolia.
GE Energy Financial Services' German wind parks are located at
Alsleben, Krusemark, Grossvargula and Zabelsdorf, and have a total installed capacity of 165 MW.
The transaction will serve to strengthen Theolia's operating position in the German market and give Natenco, its German subsidiary, additional growth potential.
GE Energy Financial Services will also support Theolia's growth strategy through a capital contribution of Euro 20 million ($26 million) in return for a further 1.212 million new shares, and will also be granted warrants to acquire a further 3 million shares.
As a result, GE Energy Financial Services will have the opportunity to increase its ownership in Theolia to up to 22 per cent of the company's share capital on a fully diluted basis.
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