Theolia transfers ownership of 18.4-MW wind farm to investment vehicle

Jul 26, 2012 - French wind power projects developer Theolia (EPA:TEO) said Thursday it had decided to sell its 18.4-MW Gargouilles wind farm to its investment vehicle Theolia Utilities Investment Co.

The move is part of the company's co-investment strategy under which Theolia tries to maintain a balance between the number of wind farms it runs and the projects sold to the investment vehicle.

The Gargouilles wind farm is located in the Eure-et-Loir department of northern France. It features eight 2.3-MW wind turbines. The project was commissioned between June and September 2011 and since then has been selling its output under a 15-year power purchase agreement.

Theolia will keep an indirect interest in the Gargouilles wind farm due to the fact that it holds a 40% stake in Theolia Utilities Investment. Theolia is also responsible for the operational management of the investment vehicle and therefore will continue to manage Gargouilles.

The wind farm is the first operational wind farm owned by Theolia Utilities Investment. The investment vehicle has also entrusted Theolia with the construction of another 15-MW farm which is to be commissioned by the end of 2012.

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