Gimv and DG Infra+ have invested EUR30m through a subordinated loan with warrants in Electrawinds, a renewable energy company from Ostend, Belgium.
Gimv and DG Infra+ have invested EUR30m through a subordinated loan with warrants in Electrawinds, a renewable energy company from Ostend, Belgium.
Electrawinds is the largest private player on the Belgian market for renewable energy.
It also operates in Italy, France and Eastern-Europe.
Electrawinds’ two new financial partners are already known to the company. DG Infra+ also participated in the capital increase in March 2008. Together with Gemeentelijke Holding it provided a subordinated loan of EUR20m with warrants.
DG Infra+ is a non-listed private equity fund, set up by Dexia and Gimv, focusing on investments in infrastructure and related assets.
Gimv has contributed EUR25m to the capital increase, while DG Infra+ has invested EUR5m.
Luc Desender, chief executive of Electrawinds, says: ‘Gimv and DG Infra+ are experienced investment partners with a strong business insight into both local and international markets. They are a very good reference to our company, which inspires confidence in everybody who works with us for developing new projects in renewable energy. They are partners who think long term and I am convinced that we can turn Electrawinds into an even stronger company and a European player.’
Koen Dejonckheere, chief executive of Gimv, adds: ‘This investment is a good example of our multidisciplinary investment approach. The collaboration of our specialists in growth financing, infrastructure and cleantech, is what sets Gimv apart from other players in the private equity market. Gimv is proud that it can support the leading Flemish player in the market of green electricity in its further growth by providing smart money.’
Electrawinds has been advised by Capital Advice and Allen & Overy.
Gimv and DG Infra+ have been advised by Baker & McKenzie.
