According to the terms of the agreement, the Rokas family will transfer to Iberdrola all the preferential shares that it holds in the Rokas Group, either directly or indirectly, for around E32 million.
Following the transfer, Iberdrola said that it will involve the Rokas family in some of the new corporate initiatives that it is starting up in the area. For example, the family will have the right to hold up to 25% in projects undertaken by the company’s real estate subsidiary in Greece and up to 10% of Iberdrola renewable energy projects in Bulgaria.
The two parties also reached agreement, subject to approval by the relevant Greek competition authorities, to terminate the prior agreement in December 2004 whereby Iberdrola acquired an initial 21% shareholding in the Rokas Group through its renewable energy subsidiary.
The signing of this new deal follows Iberdrola’s acquisition in March of an additional 2.8% of the share capital of the Greek wind power producer for around E12.5 million, raising its current total shareholding to 52.7%.
The Rokas family has reached agreement with a number of financial entities on the sale of a significant portion of its shareholding in the Rokas Group (9.82%) and has sold this stake. Iberdrola waived its pre-emptive rights for this transaction.
The Rokas Group closed fiscal 2006 with an installed wind power capacity of 193.3MW and a production of 520GWh. At present, it has three wind farms under construction, amounting to some 60MW, and is processing permits to develop another 488MW in Greece and 179MW in Cyprus.
