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EDF Energies plans cap hike for solar spree
PARIS - EDF Energies Nouvelles on Friday announced plans for a 500 million euro ($737 million) rights issue aimed at expanding into solar activities alongside its wind power business.
It said state-controlled power group EDF and Mouratoglou Group will subscribe to their 75.1 percent stake.
The company has a target of 4,000 MegaWatt in net capacity, all segments combined, by year-end 2012, including 500 MWp in solar capacity.
The group also reported a 38.8 percent increase in first half-net attributable income to 27.2 million and 48.7 percent higher earnings before interest tax, depreciation and amortisation to 85.2 million.
It wants to develop ground-based photovoltaic facilities and building-integrated generation facilities in countries in which it already has a presence.
Of the 500 million euros from the capital increase, 335 million will be allocated to securing the supply of solar panels and establishing shareholdings in the upstream photovoltaic industry. Another 165 million will be used to take selective shareholdings in downstream development companies.
Goldman Sachs and Societe Generale are lead managers for the rights issue.
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