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TheStreet Open House

ContourGlobal Acquires Generation Company On The Island Of Bonaire

NEW YORK, May 19, 2013 /PRNewswire/ -- ContourGlobal announced today that it has acquired 100% of the shares of the company holding the wind and diesel power generation assets on the Dutch Caribbean island of Bonaire from the administrator of the company's shareholder.  The assets are the sole power generation facilities on the island of Bonaire and integrate renewable and conventional energy production sources to provide reliable power to the island's 16,500 inhabitants.

The Bonaire generation facilities, which integrate wind power, diesel generation and battery storage technology, provide all of the power needs of the island's distribution company, Water en Energie Bedrijf Bonaire (WEB), under a long-term supply contract.  WEB is the state-owned utility responsible for water and electricity transmission and distribution on the island.  The acquisition adds to ContourGlobal's growing presence in the Caribbean, where it owns power generation facilities in St. Martin, Guadeloupe and Colombia, as well as increases Contour's renewable energy portfolio, which currently comprises approximately 600 MW of wind, solar, biogas and biomass production in the Americas, Europe and Africa.

Mr. Joseph C. Brandt, President and Chief Executive Officer said, "Our acquisition in Bonaire culminates nearly one year of fruitful collaboration with the Government of the Netherlands and the Public Entity of Bonaire to ensure that the existing facilities were acquired by a company committed to meet the island's growing electricity needs in a sustainable way.  We have been greatly impressed by the caring professionalism of the Dutch and Bonaire authorities as well as from Mr. Deterink, the administrator of the Company's shareholder and look forward to working with the Dutch and Bonaire authorities and WEB to add additional wind and solar powered generation to Bonaire's energy matrix." 

The Netherlands Ministry of Economic Affairs states, "We congratulate ContourGlobal and the seller of Ecopower on the successful transaction.  We are confident that under new ownership, ContourGlobal Bonaire will continue to develop the island's generation in a way that maximizes the share of wind and other renewables.   The Ministry looks forward to cooperating with Contour Global and WEB Bonaire to find new ways to put the elements, both wind and sun, to optimal use in energy production, while simultaneously guaranteeing a reliable energy supply."

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