TerniEnergia S.p.A., a company active in the renewable Energy sector, Energy efficiency and waste management, listed on Star segment of Borsa Italiana, signed today an agreement with EDF EN Italia, which provides for the transfer operated by this latter to TerniEnergia of the share equal to 50% of the share capital of EnergiaAlternativa Srl.
The company EnergiaAlternativa Srl owns 12 industrial sized photovoltaic plants for a total capacity of 13.9 MWp. The value of assets shall be determinated according to the algebraic sum of the Enterprise Value, related to 100% of the JV, amounted to Euro 54.3 million, and the value of the net adjusted financial position resulting from the financial statements of the company from the effective date of the transfer. The price of the portion of TerniEnergia will be , therefore, equal to 50% of that value. The parties have developed a simulation of the purchase price on the basis of a forecasted situation as at December 31, 2012, which shows a countervalue of approximately Euro 6.8 million. The final price will be also defined following the approval of the financial statements of Energia Alternativa Srl.
Stefano Neri, Chairman and Ceo of TerniEnergia, commented as follows:
“The purchase of EnergiaAlternativa, which completes the first step of a process of valuation of assets represented by the ownership of industrial sized photovoltaic plants developed with EDF EN Italy, is part of a process of rationalization of investments that we think strategic to maximize revenues resulting from power generation and to improve operational efficiency in the management and sale of photovoltaic energy.”
