Crédit Agricole Private Equity and Direct Energie to invest in Weole Energy

A year after its creation, Weole Energy, a French company specialising in small and medium wind turbines, has announced a €2 million capital injection to speed up its expansion in France.

Following start-up equity of €85,000, Weole Energy is obtaining investment from Crédit Agricole Private Equity, via its FCPR Capenergie fund, and Direct Energie, France’s leading alternative energy supplier. The two shareholders will each invest €1 million.

Created in 2007, Weole Energy supplies small and medium-capacity wind turbines suitable for all requirements for residential customers, farmers, businesses and local authorities.

With growing concern about environmental issues, wind energy has established a strong position in the renewable energies market in France and Europe over the last few years. With growth of 92% in 2007, the large wind turbines market – which was worth €360 million last year – is expected to be worth over €2 billion in France in 2012, according to a study by French environment and energy control agency ADEME.

Following in the footsteps of large wind turbines, the market is now beginning to expand, with technological innovations allowing residential customers, businesses and local authorities to use small and medium-sized wind turbines that are both environmentally efficient and economically viable.

In this fast-growing sector, Weole Energy is responding to increasing demand from the market and has a network of installers covering all of France.

The aim of this capital injection is to support Weole Energy’s development, with three main objectives:
– to form strategic partnerships with companies in the sector;
– to offer comprehensive solutions combining technological innovation and customer support;
– to make wind turbines into a mass market product for residential customers, businesses and local authorities, in order to ensure the industrial development of a still-emerging market.

Serge Savasta, Head of Renewable Energies at Crédit Agricole Private Equity, comments: “After large wind turbines, solar energy, biomass and hydroelectricity, we are now entering a new segment of the market, which fits in with the notion of both green energy production and energy efficiency. This kind of self-generation solution enables everyone to behave responsibly and control their energy dependency. We are proud to be working with Weole Energy in developing this promising industry”.

Xavier Caïtucoli, Chairman of Direct Energie, adds: “This investment forms part of Direct Energie’s contribution to renewable energies, in keeping with our investments in hydraulic and solar energy and large wind turbines. We firmly believe that decentralised production at the point of consumption represents a useful and promising addition to larger energy production facilities and we hope to contribute to the growth of the small wind turbines sector in France with this initial investment in the B2C sector”.

Michel Galligo, CEO of Weole Energy, concludes: “We are pleased with the interest our business model has generated among leading financial backers and energy companies. In a very favourable climate for locally-based renewable energies, small and medium wind turbines present considerable potential for growth in France”.

Weole Energy
Michel Galligo, CEO

Intervenants
Crédit Agricole Private Equity
Serge Savasta, Head of Renewable Energy
Bérengère Corson, Associate
Direct Energie
Xavier Caïtucoli, CEO

Investors advisors
Legal: Jean-François Burc and Marie-Jeanne Leroy, Cabinet CJA
Financial: Laurent Nadjar, Cabinet Laurent Nadjar

Company advisor
Legal: Karine Lahaye