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French EDF wind-power IPO zooms  

Shares in a French wind-power company were launched here on Wednesday and gained 19.0 percent in the first hour of trading, driven by “enormous” investor interest, dealers said.
The company being floated was EDF EN, an offshoot of the French electricity group Electricite de France (EDF), the biggest generator of nuclear power in the world.
The shares were launched at 28.0 euros each and soon shot up to 33.32 euros, showing a gain of 19.0 percent and valuing the business at 2.0 billion euros (2.64 billion dollars) or six times sales.
EDF EN generates 78 percent of its business in the sector of wind power, which is growing strongly.
One stock trader at an independent broker commented: “The wind-power sector is very promising as is shown by the fact that big players are counting firmly on renewable energy.”
Wind-driven generators in France will produce 1,500 megawatts at the end of this year from 757 MW at the end of last year, the head of the French agency for the environment and conservation of energy (Ademe), Michele Pappalardo said at a conference in the northern town of Amiens on November 16.
This year would be the second year in a row in which French wind-generating capacity had doubled.
A stock trader at a leading European bank commented: “The EDF subsidiary has few competitiors in its area of activity, so it is a good investment.
“The appetite of investors is enormous. However, the valuation (of the company) is high.”
EDF EN, created in 1990, specialises in renewable energy and also works on energy technology in the fields of hydraulics, biomass and solar power.
In 2005 it achieved sales of 336.2 million euros and earnings before interest, tax, depreciation and amortisation of 62.3 million euros.


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