Cleantech magazine, a Cleantech Investor publication
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VC: Good Energies - divestment by Continental Wind Partners |
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First published in Cleantech magazine, September 2008. Copyright Cleantech Investor 2008
Portfolio company: Continental Wind Partners
Sale value: €1.1bn
Renewable power developer Continental Wind Partners has sold two wind farm developments in Romania to Czech Government-owned power utility CEZ Group for €1.1 billion.
It is understood that Continental, owned by cleantech fund Good Energies, decided to sell the businesses due to the expiry in 2012 of the Green Certificate regime in Romania, which requires energy vendors to buy ‘green certificates’ from renewable energy producers. Such regimes last for twelve years and, since there were only four years left until the expiry of the current scheme, it was said that Continental was unable to secure debt financing for the project and so proceeded to sell the developments.
The 600MW projects will be built in the Romanian province of Dobrogea, near the Black Sea, and together will be the largest European onshore wind farm when completed. By the end of 2009, the developers expect to generate about 350MW of capacity and the remainder a year later.
Good Energies, which has an annual investment budget of around €350 million and a portfolio market capitalisation of more than $6 billion, has been an investor in Continental since April 2007.
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