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19 November 2007 - Through its subsidiary, Electrabel, SUEZ has made a €321m ($471m) acquisition of 50.1 per cent of Compagnie du Vent, which was the first company to connect wind power to France's electricity grid.
Compagnie du Vent has a 148 MW production capacity in operation and at an advanced stage of construction. Its production base includes 180 wind turbines located throughout the Brittany, Languedoc Roussillon, Nord Pas de Calais, Picardy and Pays de la Loire regions.
In France and abroad Compagnie du Vent is said to hold one of the largest wind energy project pipeline in the sector, with over 6500 MW of production capacity in the design phase or under development.
The company is also engaged in solar energy with a target photovoltaic power plant installed capacity of 55 MW by 2015.
Through various projects currently underway, Compagnie du Vent plans to increase its wind power production capacity by 2015 to nearly 2000 MW. It is expected that this ambitious development programme will give the company a 15 per cent stake in the French market.
SUEZ will support this programme by providing the resources, support, and skills necessary for the construction of these wind farms.
SUEZ will increase its investment in Compagnie du Vent to 56.8 per cent at the conclusion of a rights issue reserved for SUEZ. The balance of the company's capital will be held by founder Jean- Michel Germa, who will remain as its chairman and CEO.
This acquisition is consistent with the SUEZ's strategy to expand its renewable energy production assets (wind, biomass, hydraulic, and photovoltaic). Currently, 40 per cent of SUEZ production capacity is carbon-free.
SUEZ has 30 wind farms in Europe, generating 550 MW (Portugal - 447 MW; Belgium - 67 MW; France - 34 MW), in addition to wind farms under construction with a capacity of 210 MW, plus a portfolio of wind energy projects of over 1200 MW.
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