Received a binding offer for the purchase of PV assets for a total equity value of up to Euro 16.6 million

• The proposal concerns some of the non-strategic assets owned by the subsidiary SPVs Energia Alternativa, Soltarenti, Guglionesi and Solter
• The proposal concerns 17 photovoltaic plants with a total installed capacity of 16.8 MW
• The transaction envisages the acquisition by the buyer of financial debts linked to the plants for a maximum of Euro 41.7 million.
• The Board of Directors has given the green light to finalize the transaction

TerniEnergia, a company listed on the Star segment of the Italian Stock Exchange and part of the Italeaf Group, announces announces that it has received from a leading international investment operator in the photovoltaic sector a binding offer for the purchase of some photovoltaic plants for a total of 16.8 MW, owned by the SPVs (Special purpose vehicle) Energia Alternativa Srl, Soltarenti Srl, Guglionesi Srl and Solter Srl.

The transaction, from which  is expected a maximum total encashment of approximately Euro 16.6 million, also envisages the assumption by the buyer of financial debts linked to the plants for a maximum total of approximately Euro 41.7 million.

The signing-date of the transaction is expected by 31 January 2018, while payment will be made at the time of closing. The closing of the transaction is subject, among other conditions, to formal acceptance by the shareholders of the SPVs and to obtaining (when necessary) the consent of credit institutions, in the form of waivers, to the sale of photovoltaic assets. The closing is also subject to other technical and financial conditions typical of this type of operation.

The expected encashment for TerniEnergia at the time of closing may correspond to the total final consideration, net of approximately 1.5 MWp out of the total of 16.8 MWp. This is due to past credits that the Company has from the shareholders of some of the SPVs owner of the plants involved in the transaction.

The Board of Directors today resolved to proceed with the finalisation of the transaction by granting mandate to the Chairman and Chief Executive Officer Stefano Neri to proceed with the further stages of the transaction, including the closing.

For TerniEnergia, the transaction represents an important step forward in the transition phase for the Group’s strategic repositioning, already announced to the market on 24 October 2017, and which envisages the sale of non-controlling equity investments in non-strategic photovoltaic plants, mainly linked to the core activities of the recent past.