Monday, February 25, 2008

A MIGHTY WIND: Spanish Eco-Darling Eolia Sets IPO

I liked 'Eco-Darling'.
From Der Spiegel:

To compete with big utilities, Spain's eco-energy darling is going public to grab as many small and midsize wind power outfits as it can.

Don't accuse Spanish entrepreneur Miguel Salis of tilting at windmills. He co-founded Jazztel, a telecom startup that had the audacity to take on home market champion Telef√≥nica. Now he is tackling Spain's national utility giants with an ambitious, independent, wind and solar power company that's scheduled to go public on the Madrid exchange this year with a $1 billion (€680 million) valuation.

Eolia Renovables de Inversiones, which Salis co-founded with Spanish investment bank N+1 in 2003, is pursuing a novel business model. Over the past two years, it has gobbled up more than 20 small wind and solar companies around Spain, creating in the process a kind of renewable energy mini-major. It has also bought two companies in Mexico and recently added wind farms in France and Germany.

Taking on the Goliaths of the Industry

The next step for the holding company -- which was originally code-named "David," as in David and Goliath -- is to kick up international expansion....MORE