Iberdrola bids for rest of wind developer Rokas

Madrid-based Iberdrola Renewables has launched a €175 million offer to acquire the shares of Greek wind developer Rokas Group that it does not already own.

Iberdrola Renewables, a subsidiary of Spanish energy group Iberdrola, said it holds 52.7 percent of Rokas' ordinary shares and 47.3 percent of the preferred stock.

The Spanish renewable company said its offer is €16 for each ordinary Rokas share and €11 for the preferred stock.

Rokas has 13 wind farms with 193.3 megawatts of capacity, as well as a 171.6 kilowatt solar photovoltaic plant, according to Iberdrola Renewables.

Iberdrola Renewables first moved into the Greek market in December 2004 when it acquired 21 percent of Rokas' ordinary shares.

Since then, the company said it has gradually increased its presence in the Greek wind power market with 49.9 percent of Rokas' stock held at the end of 2005 and 52.7 percent in March last year.

Iberdrola Renewables said the deal would consolidate its wind energy ownership in Greece, increasing its installed capacity to 217 MW, up from 124 MW.

The company said the transaction is subject to authorization by the Greek stock market regulator, which is expected to be obtained by the end of this month. Iberdrola hopes to complete the deal in mid-September.