• The company owned 10 photovoltaic plants of industrial size for a total amount of 9.4 MWp: TerniEnergia purchases a newco named Solter owning 4 photovoltaic plants for an amount of 3.8 MWp, while the remaining 6 plants for an amount of 5.6 MWp pass to EDF EN Italia
  • TerniEnergia’s 100% owned assets in the power generation activity increase up to 33.3 MWp, to be added to the 11.1 MWp JV plants held with other leading players

Terni, July 17th, 2013

TerniEnergia S.p.A., a company operating in the sectors of energy from renewable sources, energy efficiency and waste management, listed on Star segment of Borsa Italiana, and EDF EN Italia concluded the assignment of the assets made up of photovoltaic plants in operation and held in Joint Venture.

The two above mentioned companies, indeed, entered into an agreement relating to the partial non proportional de-merger of Fotosolare Settima Srl, a company owning 10 photovoltaic plants in operation for a total amount of 9.4 MWp, previously held in JV with shareholdings equal to 50%.

Paolo Ricci, executive director of TerniEnergia, commented as follows:

“By virtue of this transaction, we achieved the completion of the assignment process of the industrial sized photovoltaic plants developed with EDF EN Italia, in the framework of an assets appreciation track, such assets being represented by owned solar plants for power generation. We are fully satisfied of the results that we achieved through the strategic alliance with EDF, that allowed us to perform in few years tens of plants in Italy thanks to an efficient financial and industrial model and that was concluded today exclusively by reason of a diversification of both companies’ strategy”.

The above mentioned agreement sets forth the incorporation of a newco, to be named Solter Srl, whose corporate capital shall be wholly held by TerniEnergia and into which the business concern relating to energy production – made up of 4 industrial sized photovoltaic plants for a total amount of  3.8 MWp – shall be contributed in kind. The demerged company – owning the remaining 6 photovoltaic plants for a total amount of 5.6 MWp – shall be held by EDF EN Italia. The Enterprise Value of the assets purchased by TerniEnergia is equal to Euro 13.56 million.

The effectiveness of the transaction is subject to the signing of the de-merger act by Fotosolare Settima quotaholders, that is expected to take place within September 2013.

Through the completion of the assignement process of the assets previously held with EDF EN Italia, the fully owned total installed power of TerniEnergia’s photovoltaic plants in the power generation activity has increased significantly. Indeed, the company holds at 100% a total amount of 33.3 MWp, to be added to the 11.1 MWp further JV plants held at 50% with other leading players.

Stefano Neri, TerniEnergia’s Chairman and Managing Director, commented as follows:

“TerniEnergia is strongly focused on the integration of its own financial structure through the “RA – Renewable Assets” asset management fund, that is the object of an agreement entered into with Prelios SGR and the advisor Power Capital. One of the main growth line identified by the company for the next future is the industrial management of the photovoltaic assets already existent and to be assigned and of those to be developed through EPC contracts”.