Platina Finance exits wind farm

Platina Finance revealed Thursday that it has sold its 25% holding in French wind farm developer, Société Française d’Eoliennes (SFE), for €86.25m (US$126.6m) to Compagnie Industriali Riunite’s unit Sorgenia.

The value is based on SFE’s enterprise value of €345m.

Platina invested a 25% stake in SFE in 2003 and helped grow the company into having 115MW operational windfarms.

In November last year, Sorgenia said it would buy about 80% of SFE for around €198m.

But all of SFE’s shareholders decided to sell to Sorgenia.

In the spring of 2007, Platina, with the support of other investors, took the strategic decision to identify a strong strategic partner which could support SFE in its ambitious growth.

Platina appointed Lazard, which ran an auction that saw 20 offers emerge, but SFE was eventually sold to Sogernia based on an enterprise value of €345m.

Platina is currently raising its fourth fund, a new pan-European renewable energy fund, the European Renewable Energy Fund [EREF], which is dedicated to investment in renewable energy businesses and assets across Europe.

EREF, which has a target of €250, will be invested in development portfolios and assets across proven renewable technologies.

This fund will receive an existing development pipeline generated by other Platina funds to date, and benefits from an intermediary closing of €75 million in early January 2008.