Spanish clean energy firm Iberdrola Renovables has announced a public tender offer for the Greek wind power generator Rokas Group, valuing the minorities buyout transaction at approximately E175 million in cash.
Iberdrola Renovables, which already owns 52.7% of the ordinary shares and 47.3% of the preferred stock in Rokas, is offering E16 per ordinary share and E11 per preferred share for the stock it does not already own, representing premiums of 23% and 33%, respectively.
The transaction is subject to authorization by the Greek stock market regulator, which is expected to be obtained by the end of July 2008. The period for acceptances would extend until mid-September 2008.
As a result, Iberdrola Renovables will consolidate its wind energy position in Greece, increasing installed capacity to 217MW from the 124MW at present. The Rokas Group, has 13 wind farms with 193.3MW capacity and a 171.6kW photovoltaic plant.