Otary becomes Belgian knowledge centre for offshore wind
Ostend (Belgian coast) - Eight Belgian players in offshore wind are going to pool their
experience and know-how via Otary plc in a new knowledge centre for wind energy at
sea. The new partnership will construct and run offshore wind farms in Belgium and
possibly abroad as well, if the opportunity arises.
The Otary partnership (via Otary plc RS) unites the green electricity producers Electrawinds
and Aspiravi, the investment and development companies Rent-A-Port and Power@Sea, the
dredging group and water construction specialist DEME, the Walloon environmental holding
SRIW Environnement, and the Flemish and Walloon energy and utility companies Nuhma
and Socofe. These are all partners already involved in the development of offshore wind
through investments in one or more projects in the North Sea.
In the first phase, Otary will focus on the development, construction, and exploitation of the
offshore wind farms Rentel and Seastar. In the long term, these projects will be run by two
independent subsidiary companies (Rentel plc and Seastar plc) where each Otary
shareholder will have an ownership stake of 12.5%. The Belgian authorities have granted
concessions to both Rentel and Seastar. A separate and extensive licence file will now be
prepared for each wind farm.
Rentel and Seastar will be located 31 and 38 kilometres respectively from the Belgian coast
and have a joint installation capacity of over 500MW. The total investment is valued at over 2
billion euros and will yield enough energy to meet the annual needs of 610,000 Belgian
Depending on the speed at which the grid manager Elia completes the connection to the
Belgian high voltage grid, both offshore wind farms will be constructed and phased
consecutively from 2015. When it is time to conclude the construction contracts, preference
will be given to Belgian and European companies to give them some experience which will
help them strengthen their position on the international offshore market.
The project is still subject to approval by the competent authorities.
More information: Marleen Vanhecke, tel. 0032-(0)486 49 01 09
Vlaamse Energieholding (VEH) acquires 15.1% stake in Aspiravi NV
On 25 March 2011, Aspiravi Holding NV and VEH signed an agreement that allows
VEH to acquire a 15.1% stake in the leading Flemish renewable energy company
Aspiravi NV. Both parties agreed not to disclose the price of the transaction or
any further information with respect to this transaction.
Paul Butenaerts, Chairman of Aspiravi Holding: "We warmly welcome VEH as a partner that
fully supports the vision and strategy of Aspiravi. Shareholders, management and
personnel are delighted with the new group structure and the new shareholder."
Daniël Termont, Voorzitter van VEH: "The acquisition of a 15.1% stake in Aspiravi NV is a
strategic investment for VEH and represents an important step in the diversification of its
investments towards the renewable energy sector. Aspiravi NV is a pioneer in green
energy in Belgium with a clear growth strategy, to which VEH wants to contribute.”
Restructuring of the Aspiravi Group
In January 2011, the shareholders of Aspiravi NV (Nuhma, Efin, Creadiv en Fineg) decided
to adapt the structure of the Aspiravi Group in order to further strengthen the company’s
organisation structure and to facilitate the future financing of its investment programs in
both onshore and offshore green energy production. Within the new structure, the
shareholders have created Aspiravi Holding NV to which the different shareholders have
contributed their participation in Aspiravi NV. Aspiravi Holding also acquired the offshore
activities of Aspiravi NV and created Aspiravi Offshore NV (namely the 33% stake in the
Eldepasco project and the stake in Otary NV). This restructuring results in a clear-cut
Group structure with a clear distinction between activities that are fairly different.
Entry of VEH in support of the investment and development program
With the agreement signed on 25 March 2011, VEH acquires a 15.1% stake in Aspiravi NV
from Aspiravi Holding NV. VEH and Aspiravi Holding are confident that this agreement will
lead to a fruitful cooperation within Aspiravi NV. The entry of VEH will support the Group’s
investment and development program with respect to its onshore activities.
Two representatives of the VEH will serve on the Board of Directors of Aspiravi NV.
Aspiravi Holding VEH
Rik Van de Walle Daniël Termont
+32 (0) 56 70 27 36 +32 (0)9 266 50 00
About Aspiravi and Aspiravi Holding
Aspiravi invests in, implements and operates projects for the production of renewable
energy. The Group has an installed capacity of ±120MWe with a yearly production of
±380GWh, enough to cover the annual electricity consumption of ±100,000 families. The
company expects to grow its installed capacity with ±25% in the course of this year. The
Group employs 60 people.
For more information: www.aspiravi.be
Founded in 1992, the Vlaamse Energieholding (Flemish Energy Holding) has been created
as an investment holding in order to support the expansion of electricity producer SPE.
VEH is owned by a number of regional municipal holding companies and a number of bank
and insurance companies. The holding maintained its focus on energy investments with
additional investments in transmission infrastructure companies Fluxys and Elia. The VEH
is currently diversifying its investment portfolio through investments in the renewable