Theolia looks for new sources of financing

(ADPnews) - Nov 17, 2010 - French wind energy group Theolia (EPA:TEO) said on Monday it was looking for new sources of financing in order to implement a new business model.
The company, which launched a capital increase earlier this year, is currently negotiating new bank credits. Moreover, the group wants to set up an investment vehicle which will regroup some of Theolia's projects.
CEO Fady Khallouf said during a conference call that a number of investors have shown interest in Theolia. The investors are eager to invest several hundreds of millions of euro in the company.
Khallouf noted that the negotiations are at an advanced stage. The manager hopes to announce an agreement before the end of the year.
Set up in 1999, Theolia changed its management team, as well as its corporate strategy after the company encountered serious financial difficulties in 2008. The group was forced to sell numerous assets in order to boost its shareholders' equity.

Choose your newsletter by Renewables Now. Join for free!