- Published: 15 February 2007 15 February 2007
Theolia has announced an agreement with GE Energy Financial Services.
In an assets-for-equity swap, Theolia will acquire GE Energy Financial Services' European wind farms, which have a total power generation capacity of 165MW. In return for the contribution of its wind farms to Theolia, GE Energy Financial Services will receive 5,250,000 new shares of Theolia. Through this transaction, Theolia materially strengthens its operating position in the German market and gives Natenco, Theolia's subsidiary in Germany, additional growth potential. In?addition, GE Energy Financial Services will support Theolia's?ambitious growth strategy by way of a capital contribution of € 20 million in return for 1,212,000 new shares and, as part of the agreement, will also 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 will be represented on the Board of Theolia.