Press Releases
01/11/2006
International Power acquires 436 MW wind farm portfolio in Europe for €567 million (£379 million)
(London – 1 November 2006) International Power announces that it has acquired the 436 MW Levanto onshore wind farm portfolio from Christofferson Robb & Company (CRC) for an enterprise value of €567 million (£379 million).
The Levanto wind farms comprise 286 MW of capacity in operation, 126 MW under construction, which is due to commence operation in 2007, and 24 MW of fully permitted capacity, which is planned to commence operation in 2008. The enterprise value includes the funding required to complete wind farms under construction and fully permitted. 409 MW of the capacity is located in Germany and 27 MW in France – two of the most favourable regulatory regimes for renewable generation. Output from the wind farms is sold under long term, regulated tariffs.
CRC will continue to work in collaboration with International Power by supporting the business for up to three years under a services agreement. International Power has first right of refusal to their development pipeline across Europe.
Philip Cox, CEO of International Power, said “This acquisition provides us with an immediate, scale renewables business in Europe, together with a significant pipeline of development opportunities. We look forward to working with CRC to grow the portfolio and enhance the renewables skill base within our business.”
International Power’s total equity investment will be €190 million (£127 million). €100 million (£67 million) of this will be funded from current liquid resources and the remainder via long term vendor finance of €90 million (£60 million) provided by CRC. The acquisition is expected to be earnings and free cash flow enhancing in the first full year of ownership.
For further information please contact:
International Power
Investor Contact:
Aarti Singhal
Telephone: +44 (0)20 7320 8681
Media Contact:
Andrew Mitchell, Finsbury
Telephone: +44 (0)20 7251 3801
Christofferson Robb & Company
Media contact:
Angus Urquhart, Merlin
Michael Rummel, Merlin
Telephone: +44 (0)20 7653 6620
Additional information
CRC acquired 29 wind farm projects (338 MW) in Germany and France working with five developers (the Breeze portfolio). It also purchased the 98 MW operating wind portfolio in Germany from the Dutch utility, Nuon, when Nuon disposed of wind assets in July 2006. In May 2006, the cash flows from the Breeze portfolio were securitised providing €470 million of bond financing. Within the International Power portfolio, the Breeze and Nuon wind farms will be referred to as the Levanto wind farm portfolio.
About International Power
International Power plc is a leading independent electricity generating company with 18,544 MW (net) in operation and 1,042 MW (net) under construction. International Power has power plants in operation or under construction in Australia, the United States of America, the United Kingdom, the Czech Republic, France, Germany, Italy, Portugal, Spain, Turkey, Bahrain, Oman, Qatar, Saudi Arabia, the UAE, Indonesia, Malaysia, Pakistan, Puerto Rico and Thailand. International Power is listed on the London Stock Exchange and the New York Stock Exchange (as ADR’s) with ticker symbol IPR. Company website: www.ipplc.com.
About CRC
Christofferson, Robb & Company is a private money management firm that invests in global structured credit and asset backed securities markets.
Christofferson, Robb and Company LLC is registered as an Investment Advisor with the U.S. Securities and Exchange Commission and Christofferson, Robb and Company (UK) LLP is authorised and regulated by the Financial Services Authority.
