You will be able to enter countries such as India, France, and Poland.
Fersa will increase its capital by 251,4 million euros at the beginning of 2008 to bring in wind farms in operation, under construction or being promoted in countries such as Spain, India, France and Poland from companies and entities such as Enhol, Banco Sabadell and Caja de Ahorros de Granada.
In total, the non-cash capital increase, which will be approved at the next shareholders' meeting, will mean the incorporation into Fersa of more than 570 attributable megawatts worth 251 million euros, as reported today by the company to the National Securities Market Commission (CNMV).
At the last meeting of Fersa's board of directors, held on Friday, it was agreed to propose this operation to the next shareholders' meeting, which will be carried out in the issuance of 64.916.719 new shares that will be allocated in proportion to the non-monetary contributions made by the new partners, with which the company's outstanding shares will amount to 140.428.669.
The entry of new partners will allow Fersa to expand its power capacity from the current 1.067 megawatts to 1.646 and more than double the company's equity, which will stand at more than 440 million euros.
Following the capital increase, Fersa's current shareholders will control 53,77% of the company, while Enhol will own 22%; Banco Sabadell and some minority shareholders, 5,49%; Caja Granada, 6,5%; Foinca, 4,2%; and other groups, the remaining 8,02%.
According to the document signed by Fersa's CEO, Ignacio Moreno, this operation will help diversify the project portfolio internationally, as well as represent entry into countries "with high growth potential and high rates of profitability", such as India and Poland.
The integration of Fomento de Inversiones y Capital (Foinca) will provide Fersa with its own management structure and will result in savings in operating expenses, which amount to more than 90 million euros for the next eight years.
The agreement between Fersa and Foinca includes a purchase option in favor of the former company and a sale option in favor of one of Foinca's partners, who would be released from the project in exchange for 10 million euros.
Based on these agreements, Eólica de Navarra (Enhol) is considered a new strategic partner of Fersa, along with Banco Sabadell, since both entities will contribute various wind power projects, whether in operation, under construction or in development.
Furthermore, Fersa has reached new agreements with some of its current partners in companies in which it already holds stakes, which translates into the purchase in almost all cases of 100% of these subsidiaries and the contribution of an additional 81,7 megawatts.
Another agreement includes Caja de Ahorros de Granada, which will contribute 101,8 megawatts to Fersa, and the last one will be led by Foinca, the company in charge of the management and administration of Fersa.
Additionally, Fersa has reached an agreement to acquire from Caja Granada the remaining 24,6% stake in the company Parque Eólico Hinojal, until it buys 100% of the capital, which will add an additional 8,9 megawatts.
Fersa's board of directors plans to request the Commercial Registry to appoint an independent expert to certify the fair value of the assets to be contributed and the exchange ratio.
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