Launch of La Française de l’Énergie’s Gas to Power Activity in Northern France
La Française de l’Énergie (LFDE) is pleased to announce the launch of its gas to power activity following the French government’s gazetting on the 4th of November 2016 of the feed-in tariff for green electricity produced from coal mine methane (CMM).
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This decision is a clear recognition of the significant contribution by La Française de l’Energie towards reducing the carbon footprint in Northern France by generating clean, green electricity locally while preventing the release of gas present in former coal mines into the atmosphere.
The gas to power activities will be undertaken by LFDE’s subsidiary, Gazonor SAS, which currently holds 225 BCF of 2P reserves of gas alone.
Gazonor is expected to generate 85 GWh and over €6m annual revenues through the installation of gas engines with an installed gross capacity of 9 MW across four sites in Northern France for a total investment of €8.9 million, including infrastructure and site preparation. The objective is to have all four sites in full electricity production by 30 June 2017 and thereafter add additional sites for electricity sales.
The financing will be arranged through infrastructure-type financing in line with our IPO plan.
The feed-in tariff details
On the 4th of November the French government released the final details of the 15 year feed-in tariff granted for electricity produced from coal mine methane, the gas captured in former coal mines. This activity helps in reducing the carbon footprint of Northern France by preventing the release of this gas into the atmosphere and hence qualifies as green energy.
The key characteristics of this feed-in tariff are:
- €76.60 per MWh of electricity for small gas engine (1.5 MW) regressing linear to €57.60 per MWh for larger units (4.5MW and more)
- 15 years guaranteed
- Indexation to inflation
100% of the revenues will be derived from French feed-in tariffs without exposure to power price market fluctuations for the next 15 years, allowing for maximum earnings visibility on this activity.
The gas to power development plan
LFDE, via its fully-owned subsidiary Gazonor SAS, has signed a LOI with 2G Energy AG, one of the largest manufacturers and distributors of decentralized power units in Europe, to install a total capacity of 9MW by June 2017 on four sites in Northern France.
This will allow LFDE to implement its announced new development of capturing coal mine methane present in the former mining galleries and converting it into clean electricity to be used locally.
Julien Moulin, chairman of LFFDE, said: "We are very pleased with the launch of our gas to power activity. This allows LFDE to develop its French power production capabilities and further diversifies the Company's portfolio.
This activity adds attractive, growing and highly predictable revenue streams to LFDE through the French feed-in tariff mechanism at a time where LFDE accelerates its investments to become a leading energy producer in Western Europe”
Ludger Holtkmap, COO of 2P commented: “2G Energy AG is very proud to have been selected by LFDE in this tender. 2G Energy is delighted to provide Jenbacher (General Electric) gas engines as well as its recognised maintenance and technical support services to LFDE for this initial phase of the development of its gas to power capabilities for coal mine methane in Northern France”
Reuters code: LFDE.PA
Bloomberg code: LFDE.FP
About La Française de l’Énergie
Awarded the young innovative status by Bpifrance since June 2013, La Française de l’Énergie is a dynamic SME headquartered in East of France and the first gas producer in France. Specialised in the coal bed methane and coal mine methane production, La Française de l’Énergie produces a local high quality energy from the significant gas resources contained in the former mining basins of North-Eastern France.
With the development of this local and strategic energy, La Française de l’Énergie builds an economically and ecologically competitive project with significant value added for the local communities.
More information available on www.francaisedelenergie.fr
This press release contains certain forward - looking statements and estimates concerning LFDE’s financial condition, operating results, strategy, projects and future performance and the markets in which it operates. Such forward-looking statements and estimates may be identified by words such as “anticipate,” “believe,” “can,” “could,” “estimate,” “expect,” “intend,” “is designed to,” “may,” “might,” “plan,” “potential,” “predict,” “objective,” “should,” or the negative of these and similar expressions. They incorporate all topics that are not historical facts. Forward looking statements, forecasts and estimates are based on management’s current assumptions and assessment of risks, uncertainties and other factors, known and unknown, which were deemed to be reasonable at the time they were made but which may turn out to be incorrect. Events and outcomes are difficult to predict and depend on factors beyond the company’s control. Consequently, the actual results, financial condition, performances and/or achievements of LFDE or of the industry may turn out to differ materially from the future results, performances or achievements expressed or implied by these statements, forecasts and estimates. Owing to these uncertainties, no representation is made as to the correctness or fairness of these forward-looking statements, forecasts and estimates. Furthermore, forward-looking statements, forecasts and estimates speak only as of the date on which they are made, and LFDE undertakes no obligation to update or revise any of them, whether as a result of new information, future events or otherwise, except as required by law.
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