DGAP-News: GLOBAL ECOPOWER STRENGTHENS ITS STRUCTURES AND ITS GROWTH IN THE WIND SECTOR
(firmenpresse) - DGAP-News: Global EcoPower S. A. / Key word(s): Restructure of Company
GLOBAL ECOPOWER STRENGTHENS ITS STRUCTURES AND ITS GROWTH IN THE WIND
SECTOR
30.10.2012 / 18:00
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GLOBAL ECOPOWER STRENGTHENS ITS STRUCTURES AND ITS GROWTH IN THE WIND
SECTOR
Thanks to its financial restructuring and its recent deployment in wind
business, Global EcoPower (GEP) confirms its position as a turnkey
constructor of power plants using renewable energy.
Jean-Marie Santander, Chairman and CEO of GEP: 'With the start of the wind
business, our company has been able to strengthen its partnership with the
German group Leonidas Associates, initially agreed for solar power plants.
This success is mainly due to our great reactivity, our professionalism,
our knowledge of the market and our technical skills. GEP is becoming a key
company in this field in France.'
Financial restructuring
GEP's financial restructuring has been successfully completed thanks to:
(i) a capital increase reserved to its long-term shareholder of 3,000,000
shares in exchange for its whole liability amounting to EUR 3,240,928 and
(ii) a capital increase reserved for shareholders with preferential
subscription rights of 1,207,927 new shares.
After this restructuring, the capital and share premium have increased of
EUR 2,103,963. The share capital amounts to EUR1,438,484.81and the company
is totally free of any debt.
The company is now financially restructured to carry out its development
plan.
Strategic planning
Unlike many parties involved in the same sector, the management, enriched
by its experience, decided that the group would not develop the wind farms
by itself. However, the company is positioning itself to acquire
ready-to-build projects with all necessary authorizations.
An experienced team of 9 people, with reduced operating costs, allows GEP
to lead multiple projects simultaneously.
Compared to its competitors, Global EcoPower opted for a light structure
and records neither financial debt nor any shareholder loan. The power
plants are built turnkey and sold to third party investors. To date, the
group does not intend to generate any debt by retaining power plants for
its own account. This position, combined with the professionalism of the
managers and their technical mastery, provides great operational
reactivity.
In order to reduce its working capital requirements, GEP has signed with
its German partner for each project a contract of assistance to the
project's owner and 'turnkey construction' except turbines. All
negotiations with the turbines suppliers are conducted by GEP; however, the
final contract is signed directly by the investor.
Construction of three wind farms in France
For three years, GEP has worked actively for the establishment of a young,
dynamic and operational team framed by seasoned leaders. During this
period, the company has built and delivered an agro-solar project of 3.4
MWp, consisting of 55,000 m²of photovoltaic greenhouses in Maine et Loire,
and has been assisting the project's owner in the construction of a
ground-based solar power plant of 5 MWp in Seine Maritime.
Then, in January 2012, GEP decided to enter the wind business. Confronted
with competition from several French and foreign groups to acquire various
ready-to-build wind opportunities, GEP has managed to secure the following
three projects, for a total capacity of 64 MW, accompanied by its partner
Leonidas Associates:
- Montbray&Margueray wind park (Manche): The operation involves the
construction of 10 turbines of 2 MW each and two delivery stations. Work
has already started and the company expects to deliver the plant in 2013.
- La Guenelle wind park (Marne): The operation involves the construction of
11 turbines of 2 MW each and two delivery stations. The work begins in
November 2012 and the company expects to deliver the plant in 2013.
- La Voie Romaine wind park (Marne): Neighboring the La Guenelle wind park,
the operation involves the construction of 11 turbines of 2 MW each and
three delivery stations. The project will be built during the fiscal year
2013.
GEP will build, between 2012 and 2013, on behalf of its German partner, at
least these three wind farms and conducts negotiations in the same time in
order to acquire other projects in France.
Forecast
The turnover at December 31st 2012, calculated according to the
construction progress rate of the three projects ongoing, is expected to
reach EUR4.5m for an EBITDA of around one million euros.
The company will record neither substantial financial expenses nor
depreciation, which should lead to the publication of the first fiscal year
showing a significant net income.
The balance of the turnover generated by these constructions will be fully
recorded next year. The fiscal year 2013 should also record all or part of
the turnover and EBITDA of the power plants under negotiation at the time
of this release. GEP's target is to build several power plants
simultaneously in 2013, representing more than 100 MW.
Philippe Perret, Managing Director of GEP: 'The deployment in wind sector
could be carried out quicker than expected thanks to our reactivity,
allowing us to target the first largely profitable fiscal year already in
2012.'
Stock market
The management has asked NYSE Euronext to resume GEP's listing on the
MarchéLibre in Paris starting from Wednesday, October 31, 2012.
During fiscal year 2013, GEP considers its transfer to Alternext in order
to increase the visibility of its stock and to improve its free float and
liquidity.
GEP is building power plants using renewable energy sources. The company is
listed on the NYSE Euronext Paris Free Market under ISIN code:
FR0011289198.
End of Corporate News
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