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Theolia Sells French Wind Park to Investment Arm to Boost Cash

July 27 (Bloomberg) -- Theolia SA, a French energy company, sold an 18-megawatt wind farm to its investment vehicle Theolia Utilities Investment Co. to recover cash for future projects.

The Gargouilles site, in northern France, will continue to be managed by Theolia, the Aix-en-Provence-based company said in a statement. It didn’t disclose the terms of the sale, which it said took place on July 24.

Theolia Utilities Investment, created in 2011 to hold wind assets in France, Germany and Italy, is 40 percent held by Theolia, 30 percent by IWB Industrielle Werke Basel and 30 percent by Badenova AG.

To contact the reporter on this story: Josephine Forster in London at jforster13@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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