Global EcoPower buys wind farm project from Engie

French renewable energy firm Global EcoPower SA (EPA:ALGEP) or GEP yesterday said it acquired а 12.3
MW wind farm project from a unit of French utility Engie (EPA:ENGI) .

The acquisition agreement for the special purpose vehicle owning the projects - SNC MSE Le Haut des Epinettes, was signed on December 20 by GEP Assets, a wholly owned subsidiary of Global EcoPower.

The project itself is located in the department of Aisne in the northern part of France.

German wind turbine maker Senvion SA (ETR:SEN) will supply six of its 2.05 MW turbines to be installed on site next year. Grid connection is planned for October 2017.

Global EcoPower did not disclose the price it paid for the acquisition.

In November, the company unveiled new financing strategy and said it has chosen a non-dilutive solution to finance the equity of its power plants in France. For each transaction, the group will apply for financing from a fund specialized in the energy transition in the form of bonds at a fixed rate (mezzanine debt), depreciable gradually over a period of 5 to 15 years.

Global EcoPower plans to finance under these terms up to EUR 50 million (USD 52.16m) of equity of its wind farms, i.e. 120 MW to 150 MW of installed capacity.

(EUR 1 = USD 1.043)

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