Sale of the hydroelectric power stations of Thermphos France (2009)

In 2001 Thermphos, a producer of phosphorus and phosphorus derivatives, acquired a produc-tion plant for phosphorus oxide and other phosphorus derivatives in the French department Savoie. Among the acquired assets were three small hydroelectric power stations with a total capacity of 6 MW. The power stations supplied the plant with electricity and delivered all surplus production to the market.

Each of the three power stations is made up from an infrastructure that is spread over many miles and that consists of the following elements:

One of the power stations has its turbine building and water discharge located on the site of the phosphorus plant. The electricity of all three stations is brought together in a switching station that is also located on the plant site. The switching station supplies power to the plant and delivers all surplus electricity to the grid. Most of the facilities described date back to he first half of the twentieth century.

Thermphos decided in 2003 to sell the three powerstations. Bridgecraft was retained as lead manager with support from Michel Gobaud of A3I as broker and technical adviser. The pro-ject required the execution of a number of preparatory stept that were necessary to transform the power stations into saleable assets. The following preparations had to be made:


The three hydroelectric powerstations were sold in May 2009 to the Compagnie Nationale du Rhône, owner among other things of 19 large waterpower stations in the river Rhône.

Bridgecraft Strategie en Corporate Finance - Mauritskade 5 - 2514 HC The Hague - Tel 070 30 600 30 - Fax 070 30 600 52 -