Originated in 2014
Elicio NV originated in 2014, after having acquired the healthy Electrawinds group companies.
The Electrawinds group (consisting of approximately 90 group companies) encountered financial problems during the course of 2013. Too many debts and unsuccessful refinancing operations compelled the Electrawinds group, in the short term, to sell its solar projects, a wind farm in Ireland and its biomass power station in Ostend.
The banks' ultimatum for the Electrawinds Group expired at the end of December 2013 and two Electrawinds holding companies (Electrawinds NV in Belgium and Electrawinds SE in Luxembourg) needed to apply to the Commercial Court for protection against its creditors. Various parties came up with a restructuring plan for the existing Electrawinds and, in the end, Nethys turned out to be knight in shining armour to save the company in distress by submitting to the Commercial Court a fully management-backed plan, which all the creditors accepted.
Nethys' accepted reorganisation plan consisted of the following principal points:
- Nethys acquires 31 group companies (by way of its newco, Elicio NV):
- for a total of 142 MW of operational wind farms in France and Belgium;
- a biomass project under construction in France;
- a particularly full pipeline of wind projects in Belgium, France, Serbia, Kenya and Romania;
- and the entire offshore wind portfolio.
- Electrawinds is left with the animal fat biomass power station, one wind farm in Belgium and the operational wind farms in Bulgaria, Italy and South Africa.
Elicio NV constitutes 100% of the industrial party Nethys.
Situation at takeover on 19.07.2014: