Belgium renewable energy company Air Energy (B9J.BE) announced that Eneco has acquired a majority stake of its shares, putting the Dutch utility in control of the third largest wind farm developer in Belgium.
For the acquisitionof the majority of the shares Eneco paid Eur 39 per share(this price represents a premium of 75.28% compared to the closingprice on 27 March 2008). Eneco said it will also launch a public take-overoffer on the remaining shares of Air Energy.
With this acquisition Eneco further strengthens its market positionin the North West European wind energy sector.
As part of its renewable strategy, Eneco aims at producing in 2012 aminimum of 5 terawatt hours (TWh) of renewable energy, increasing to 14 TWh in 2020.The specific objective of Eneco for Belgium is a minimum of 1.0 TWhproduced or traded in 2012, the company said.
Eneco foresees that most of its renewableproduction will come from the development, realisation and productionof onshore and offshore wind power in the Netherlands and NorthWestern Europe, including Belgium, Germany, France and the UnitedKingdom.
Air Energy has a wind portfolio of 380 megawatts (MW), of which 55 MW havebeen installed, and 26 MW are under construction, according to a release.
Eneco has acquired, through its subsidiary Air Energy Holding NV, theshareholdings of the founders and managing directors, holding 70.8% of the share in Air Energy. Subsequently, theseshareholders have reinvested part of the sale proceeds and acquired a15% joint shareholding in Air Energy Holding NV. They will remainactive in Air Energy and continue to develop the activities of AirEnergy in the future, the companies said.
"The merger with a strong and integrated renewable energy player asEneco, allows Air Energy to accelerate the realisation of the growthpotential of its business and offers plenty of opportunities for thefurther development of Air Energy and the realisation of largerprojects, both in Belgium and in selected interesting growth marketsabroad," says Luc Regout of Air Energy.
About Air Energy
Created in 2001, Air Energy is an independentgroup active in the field of electricity production from renewablesources and more specifically from wind energy. The Group is one of the leadersin wind energy in Belgium. The group’s actual installed capacityamounts to 55 MW.
About EnecoEneco (www.eneco.nl) is one of the three leading energy companies inthe Netherlands. Eneco has an integrated distribution strategyspecialised in the production, transmission, trading, supply andmetering of energy (electricity, gas and heat) and related productsand services. Eneco is in process of transforming its business into arenewable energy company, in close co-operation wit its customers. Intotal ENECO serves approximately two million business and domesticcustomers. ENECO has 5,300 employees who are mainly located in theZuid-Holland and Utrecht provinces. Its headquarters is located inRotterdam. Eneco has a subsidiary in Mechelen, Belgium.
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