sold the 50% of four SPV to Renewable European Investment Italy 3

  • The companies Investimenti Infrastrutture Srl, Società Agricola Fotosolara Oristano Srl, Società Agricola Fotosolara Bonannaro Srl e Infocacaciucci Srl owns utility scale PV plants for approximately 3.3 MWp
  • The transaction price for the 50% of the companies amounts to Euro 1.7 million; payment shall be made by cash by the European Investment Renewable Italy 3 – REI III Srl

 

TerniEnergia, smart energy company active in the fields of renewable energy, energy efficiency, waste and energy management, listed on the Star segment of the Italian Stock Exchange and part of Italeaf Group, as part of its strategy to increase the value of its photovoltaic assets, has signed an agreement to sale the 50% of the share capital of the SPVs (Special Purpose Vehicle) Investimenti Infrastrutture Srl, Società Agricola Fotosolara Oristano Srl, Società Agricola Fotosolara Bonannaro Srl e Infocacaciucci Srl to European Investment Italy 3 – REI III Srl, a company owned by Radiant Clean Energy investment Fund.

These SPVs owns a total of four photovoltaic plants of utility scale for a total installed capacity of approximately 3.3 MWp.

The total price of the traansaction has been agreed between the parties in approximately Euro 1.7 million. The payment by the European Investment Renewable Italy 3 – REI III Srl will be made by cash by 31 January 2016.

The agreements relating to the sale of the shares of the four SPV are subjected to condition subsequents, including:

  • the negative outcome of the due diligences;
  • failure to consent to the transaction expressed by the leasing company with which the companies have signed contracts relating to the PV plants, no later than 30 March 2017;
  • failure to provide adequate guarantees from the seller on the return of the price, in the case of lack of consent by the leasing company.

As of today, the total number of PV plaants built by TerniEnergia from beginning of the activity is equal to 273, with an aggregate capacity of approximately 284.1 MWp (including 13.2 MWp wholly owned by the Company and 30 MWp in joint ventures, for the activity of power generation).