VERBUND creates winds of change in France

11/27/2007Wien

VERBUND is currently in the process of implementing its recently announced growth strategy: Sorgenia S.p.A., the Italian joint venture, in which VERBUND holds a share of 38.5 %, is expanding and assuming the majority of France's second largest generator of wind power, Société Française d'Eoliennes (SFE).

Sorgenia will initially acquire 80 % of SFR for the price of Euro 198 million. There will be a purchase option for the remaining 20 % until the end of the year at the same conditions.

"This step is in perfect harmony with our corporate strategy, which we announced publicly last week, whereby, in pursuing our expansion course, we intend to focus especially on renewable energy sources," Dr. Michael Pistauer, Chairman of the VERBUND Managing Board, comments.

VERBUND's Sorgenia shares will also be incorporated into VERBUND International, currently in the process of establishment.

SFE is France's aspiring company on the wind energy sector: with an installed capacity of 100 megawatt and 39 megawatt of fully approved wind power capacity, an expansion is planned entailing a further 1,000 megawatt. In addition, locations for photo voltaic systems for approx. 37 megawatt are being developed in Southern France.