Environmental Valuation & Cost-Benefit News
International Power completes acquisition of 28 MW Schkortleben Wind Farm located in Germany and 648 MW Trinergy Wind Portfolio located in Italy and Germany
10/24/07
10:54:16 am, by damageva 
, 360 words, 468 views 
Categories: Energy, Europe, Companies,CSR,Business,Finance, Press Release (May be biased)
International Power completes acquisition of 28 MW Schkortleben Wind Farm located in Germany and 648 MW Trinergy Wind Portfolio located in Italy and Germany
International Power announced that it has successfully completed the acquisition of the 27.6 MW Schkortleben operating wind farm, located in the east of Germany, from e.n.o. energy. The equity purchase price is €9.3 million (£6.5 million). The enterprise value is €36.8m (£25.7m), equivalent to €1333 per kW.
This acquisition complements the IPR portfolio of windfarms in Germany principally established through the Levanto and Trinergy (Maestrale) acquisitions. International Power now has 1,081 MW of operational wind turbines and a further 99 MW under construction. This acquisition has been funded through existing liquid resources. An exchange rate of £1:€1.43 has been applied in this announcement.
In August International Power completed the acquisition of the 648 MW Trinergy Wind Portfolio which comprises 581 MW in operation and 67 MW currently under construction. Trinergy was acquired from private investors connected with the Matrix Group and CJS Capital Partners Limited for an enterprise value of €1,839 million (£1,251 million). The acquisition is expected to be earnings accretive and cash flow positive from the first full year of International Power ownership.
The cash consideration of €868 million (£590 million) was funded by non recourse acquisition debt of €300 million (£204 million) and current liquid resources of €568 million (£386 million) from International Power.
The portfolio has assets located in Italy (495 MW in operation and 67 MW under construction) and Germany (86 MW in operation) and will be integrated into the Company under the new name Maestrale. Following this transaction, International Power will have 1,053 MW of operational wind power and a further 99 MW under construction. An exchange rate of £1:€1.47 has been applied in this announcement.
About International Power
International Power plc is a leading independent electricity generating company with 30,807 MW gross (18,935 MW net) in operation and 224 MW gross (149 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, the Netherlands, Portugal, Spain, Turkey, Bahrain, Oman, Qatar, Saudi Arabia, the UAE, Indonesia, Pakistan, Puerto Rico and Thailand. International Power is listed on the London Stock Exchange with ticker symbol IPR.
International Power www.ipplc.com
Press Releases September 27 and August 31, 2008
http://www.ipplc.com/ipr/news/press/pr2007/2007-09-27/
http://www.ipplc.com/ipr/news/press/pr2007/2007-08-31/
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