Trinergy has assets located in Italy (495MW in operation and 67MW under construction) and Germany (86MW in operation). The acquisition is expected to be completed by the end of the Q3 2007 and International Power anticipates it to be earnings accretive and cash flow positive from the first full year of its new ownership. The move will place International Power among the world’s top 10 wind farm operators.
The cash consideration of E868 million will be funded by non-recourse acquisition debt of E300 million and current liquid resources of E568 million from International Power.
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 1,013MW of operational wind turbines and a further 117MW under construction, noted Philip Cox, CEO of International Power.
