International Power Signs Agreement to Acquire 648MW Trinergy Wind Portfolio located in Italy and Germany
(London – 06 August 2007) International Power plc today announces that it has entered into an agreement to acquire the 648 MW Trinergy Wind Portfolio, including 581 MW in operation and 67 MW currently under construction, from private investors connected with the Matrix Group and CJS Capital Partners Limited, for an enterprise value of €1,839 million (£1,243 million), with a total cash consideration of €868 million (£586 million).
Trinergy has assets located in Italy (495 MW in operation and 67 MW under construction) and Germany (86 MW in operation). The acquisition is expected to complete by the end of the third quarter 2007 and is expected to be earnings accretive and cash flow positive from the first full year of International Power ownership.
Philip Cox, CEO of International Power, said, "This acquisition adds a high quality, large scale operating wind farm portfolio in Italy and Germany to our European renewables business. Both Italy and Germany are attractive markets with significant growth targets for renewable generation, supported by clear regulatory frameworks. Following this transaction International Power will have 1,013 MW of operational wind turbines and a further 117 MW under construction.”
The cash consideration of €868 million (£586 million) will be funded by non recourse acquisition debt of €300 million (£202 million) and current liquid resources of €568 million (£384 million) from International Power. Based on the latest audited results for the year ended 31 December 2006, the gross assets of Trinergy amounted to €1,536 million (£1,038 million), and the profit/(loss) before tax was €(39.4) million (£(26.6) million).
Notes to Editors:
An exchange rate of £1:€1.48 has been applied in this announcement.
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About International Power
International Power plc is a leading independent electricity generating company with 29,913 MW gross (18,237 MW net) in operation and 633 MW gross (192 MW net) under construction. International Power also has desalination capabilities with 330 MIGD gross (75 MIGD net) in operation and 105 MIGD gross (42 MIGD net) under construction. International Power has power plants in operation or under construction in Australia, the United States of America, the United Kingdom, France, Germany, the Czech Republic, Italy, 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. Company website: www.ipplc.com.