Iberdrola Renewables, one of the world’s largest renewable energy developers, announced a public tender offer for the Rokas Group (ASE: ROKPA), a leading wind power company in Greece, valuing the minorities buyout transaction at approximately €175 million in cash.
Iberdrola Renewables, which already owns 52.7% of the ordinary shares and 47.3% of the preferred stock in Rokas, is offering €16 per ordinary share and €11 per preferred share for the stock it does not already own, representing premiums of 23% and 33%, respectively.
The transaction is subject to authorization by the Greek stock market regulator, which is expected to be obtained by the end of this month. The period for acceptances would extend until mid-September.
With this initiative, the Iberdrola Group’s renewable energy subsidiary confirms its commitment to the Greek market, where it has been present since December 2004 when it acquired 21% of Rokas’ ordinary shares. Since then, Iberdrola Renewables has gradually increased its presence in the Greek wind power market with 49.9% of Rokas’ stock held at the end of 2005 and 52.7% in March last year.
Iberdrola Renewables said it plans to increase installed capacity in Greece to 217 megawatts (MW) from the 124 MW at present. Rokas Group, which has listed on the local Stock Exchange since 1990, specializes in promotion, construction and operation of renewable energy projects and today has 13 wind farms with 193.3 MW capacity and a photovoltaic plant of 171.6 kW.
Iberdrola Renewables leads the world wind energy sector (according to a New Energy Finance report from December 2007) and plans to consolidate this leadership through its 2008-2012 Strategic Plan, which calls for investments of €18.8 billion.
These investments will be assigned essentially to international expansion, which receives three-quarters of the total. The United States will receive 50%, Spain 23%, the rest of Europe 25% and 2% will go to other countries. The objective is to achieve renewable energy capacity of 18,000 MW in 2012, with an average annual installation rate of 2,000 MW, and to quadruple production to 42,300 gigawatt hours (GWh).
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