Bonheur ASA — M&A Activity 2020

Mar 12, 2020

Fred. Olsen Renewables - Sale of French investment

Fred. Olsen Renewables - Sale of French investment

Fred. Olsen Renewables AS ("FORAS"), a wholly owned subsidiary of Bonheur ASA,

has today entered into an agreement for the sale of its 51% stake in Global Wind

Power France APS ("GWP") to a leading French industrial company ("Buyer"). The

sale is part of a transaction where the Buyer acquires 100% of the shares in GWP

from FORAS and the other shareholder, Global Wind Power Europe ApS ("GWPE"). The

transaction, including repayment of shareholder loans, is expected to give net

cash proceeds to FORAS in the first quarter of 2020 of approximately EUR 46

million.

GWP is a developer which identifies and secures sites suitable for onshore wind

projects in France, develops them through to consent and then sells to third

parties prior to construction. Since FORAS acquired the 51% stake in 2016, FORAS

has together with GWPE and GWP's management strengthened and positioned the

company further. FORAS are now pleased to see that GWP will be taken to the next

stage by the Buyer