Greentech Energy to acquire a 30 MW wind energy plant in Spain

Greentech Energy Systems A/S (Greentech) signed a share purchase agreement with Gamesa Energia S.A. to acquire a 30 MW wind farm located in Tarragona, Catalonia, Spain.

The wind power park has been developed and constructed by Gamesa and is already in operation. The wind farm consists of 15 Gamesa G90 2.0 MW wind turbines.

Greentech’s acquisition of the wind farm is subject to a written confirmation from the Regional Administration of Catalonia regarding a change of control legislation introduced at the beginning of this year, which is expected obtained before September 2011.

Under normal wind conditions in the area, the project is expected to generate app. 66.2 GWh annually and with the current tariffs this would result in an annual revenue of about MEUR 5.5 and EBITDA of MEUR 4.7.

There is no project financing in place at the moment, but Greentech is currently in negotiations with a major Spanish bank to ensure the financing. It is expected that the project financing will be in place no later than September 2011 at acceptable market terms and conditions.

Based on the above conservative assumptions, Greentech expects to have an indicative IRR of 14.5 %. When the project is acquired, Greentech will have 30 MW in Spain, thereby starting the fulfilment of Greentech’s ambition of diversification in geographical presence and reduction of dependence on Italy.