Cita Wind, a company engaged in the development of wind parks in the north of France, which began operations in 2004, currently has projects in course totaling 288MW, of which 168MW is in an advanced phase of development and the remaining 120MW in a preliminary phase of development.
A total amount of E3 million will be paid by Enerfrance to GSEF for the acquisition, including 50% of the development costs relating to 2008. The agreement includes an increase in the initial shareholding of Enerfrance in the project companies from 50% to 90% on attaining the relevant authorizations, with a further payment based on the future profitability of the plants.
Cita Wind’s corporate governance provides that it will be managed by an executive chairman and controlled by a strategic committee, which will provide strategic direction of the activities of the company.
Raffaele Tognacca, CEO of ERG Renew, said: This important operation allows us to strengthen our position in the French market, where we currently have five operating wind parks and therefore represents a significant step in our European development strategy for the wind sector.
