Global EcoPower (GEP) has announced the sale of two wind farms for a total installed capacity of 20 MW to the German investment group LHI.
The 10 MW Vallée du Don wind farm is located in the municipalities of Nozay, Vay and Marsac-sur-Don in the department of Loire-Atlantique. In June 2016, Investeole SA (owned 99.98% by GEP) sold 100% of the shares of the SPV company Parc Eolien de La Vallée du Don to LHI.
The plant consists of five Gamesa G90 turbines with a hub height of 100 meters and a unit capacity of 2 MW. The grid connection of the plant took place on December 1, 2015.
The 10 MW Seuil-Mont Laurent wind farm is located in the municipalities of Seuil and Mont-Laurent in the department of Ardennes. In July 2016, GEP sold its 60% stake in the SPV company Parc Eolien de Seuil Mont-Laurent to the same client.
The plant consists of five Vestas V90 turbines with a hub height of 78 meters and a unit capacity of 2 MW. The grid connection of the plant took place on May 25, 2016.
GEP will continue to operate the two plants on behalf of its client LHI in the framework of a contract with recurring revenues over 15 years.
GEP had acquired the rights of both projects from its own equity and organized the establishment of the bank financing for each SPV. GEP then proceeded to the turnkey construction of both plants and supervised their grid connection and commissioning.
The cash generated by these two sales will enable GEP to position itself on new acquisition opportunities. The debt associated with the SPVs will disappear from the group’s consolidated financial statements along with the sale of the SPVs shares.