Breeze Two Energy issued a series ofbonds in 2006 to build a series of wind projects, now totalling 311MW inGermany and 26MW in France.

Working through a subsidiary,Theolia has bought 70% of one tranche of Breeze Two’s outstanding bonds, givingit “control” of the German company and the right to install its own chiefexecutive, Fady Khallouf, as new managing director.

The deal puts an enterprise valueof €309m ($415.8m)