On June 13, 2014, Theolia sold the Haute Borne wind project to its investment vehicle Theolia Utilities Investment Company. Theolia therefore continues its co-investment strategy which enables it to develop, while maximizing the use of its equity.
The Haute Borne wind project is located in the towns of Languevoisin-Quiquery, Breuil and Billancourt in the Somme French department. It comprises 7 wind turbines with a unit capacity of 3MW, for a total capacity of the farm of 21 MW. In compliance with the planned schedule, construction works started during the first quarter of 2014 and the financing agreement for this project was executed in April 2014.
Created in August 2011, Theolia Utilities Investment Company is an investment vehicle in which Theolia holds a 40% interest and of which Theolia carries out operational management. Therefore, after this sale, Theolia keeps an indirect interest in the Haute Borne wind project and is responsible for its construction and future operation on behalf of the investment vehicle.
Theolia Utilities Investment Company already holds two operating wind farms for a capacity of 33.4 MW. Once the Haute Borne wind farm is commissioned, which should occur during the second half of 2015, Theolia Utilities Investment Company will hold 54.4 MW in operation.
It is reminded that sales of wind farms and projects to the investment vehicle are not recognized as revenue by Theolia. The terms of the transaction are not disclosed.