PRESS RELEASE 14 SEPTEMBER 2018
Italeaf: TerniEnergia signed the closing of the sale of 10 photovoltaic plants for a total of 11 MW
- Signed an agreement with Sonnedix San Giorgio for the transfer of the share capital of the SPV Sonnenergia Srl, which includes the sold assets
- Consideration of the transaction of approximately Euro 5.7 million, Enterprise Value of approximately Euro 31.3 million
- The transaction involves the assumption by the buyer of financial debts linked to the plants for approximately Euro 25.6 million
TerniEnergia, smart company listed on MTA of Borsa Italiana and part of the Italeaf Group, and Sonnedix San Giorgio, S.r.l, a company wholly owned by institutional investors advised by J.P. Morgan Asset Management, following what was announced on March 16, 2018, has signed today the contract for the acquisition (closing) by Sonnedix San Giorgio of the SPV Sonnergia Srl, which includes the perimeter of the plants subject to the transaction. In particular, the transaction involves 10 photovoltaic plants in Italy with a total installed capacity of 11 MW, owned by the TerniEnergia Group.
The total consideration for the acquisition of 100% of the share capital of the SPV by Sonnedix San Giorgio is equal to approximately Euro 5.7 million. The payment, equal to approximately Euro 4.9 million, made at the time of the closing, was reduced by Euro 0.8 million, taking into account a mechanism for adjusting the price on the basis of the evolution of the Net Working Capital between 31 December 2016 and today. This figure may be subject to further adjustments, in relation to the checks that the parties have undertaken to complete in the next six months.
The transaction also involves the assumption by the Purchasers of financial debts related to the plants for approximately Euro 25.6 million. The Enterprise Value of the assets sold amounts to approximately Euro 31.3 million.
TerniEnergia and the Buyers were assisted by Orrick as legal advisors.
TERNIENERGIA (TER. MI), established in September 2005 and part of the Italeaf Group, is the first Italian global technological enabler, committed to bringing energy solutions and efficient recovery of integrated and sustainable resources to the world. Organized into two strategic business lines (Assets and Smart solutions and services), with about 300 employees and a geographical presence worldwide, with operative and commercial offices, TerniEnergia develops innovative solutions, products and services based on digital and industrial technologies for the energy supply chain, grids, smart mobility, industrial automation and the recovery of marginal resources.
TerniEnergia, also through its subsidiaries (Softeco Sismat, Greenled Industry, GreenAsm, GreenAsm, Purify, Wisave, Ant Energy), pursues the objectives of increasing energy production from renewable sources, saving energy and reducing emissions and actively participates in the energy revolution of distributed power generation and smart grids, with innovative digital solutions.
TerniEnergia is the ideal partner for large utilities, distribution operators and network operators, energy producers, public administrations, industrial customers and investors who intend to realize large projects for the production of renewable energy, modern systems and plants with high energy efficiency, solutions for the management and maintenance of infrastructure and electrical installations.
TerniEnergia has completed its transformation from a leader in the international photovoltaic market into a smart energy company and technological enabler for the sustainable use of resources through a complete commercial offer of solutions, the development and supply of digital technologies and the creation of "intelligent" services and solutions aimed at public and private customers in emerging sectors.
TerniEnergia is listed on the MTA of Borsa Italiana.
This press release is also available on the Company website: www.italeaf.com
Italeaf SpA is obliged to make public this information pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 22.00 CET on 14 September 2018.
Certified Adviser
Mangold Fondkommission AB, +46 (0)8 5030 1550, is the Certified Adviser of Italeaf SpA on Nasdaq First North.
For further information please contact:
Claudio Borgna
CFO - Italeaf S.p.A.
E-mail: borgna@italeaf.com
Italeaf SpA, established in December 2010, is a holding company and a business accelerator for companies and startups in the areas of innovation and cleantech. Italeaf operates as a company builder, promoting the creation and development of industrial startups in the fields of cleantech, smart energy and technological innovation. Italeaf has headquarters and plants in Italy at Nera Montoro (Narni), Terni, Milano and Lecce; has international offices in London and Hong Kong.
The company controls the smart energy company TerniEnergia, listed on the MTA of the Italian Stock Exchange, Skyrobotic, active in the business development and manufacture of civil and commercial drones in mini and micro classes for the professional market, Numanova, operating in the field of innovative metallurgy and additive manufacturing, and Italeaf RE, a real estate company. Italeaf holds, among others, a minority stake in Vitruviano LAB, a research center active in the R&D sector for special materials, green chemistry, digital transformation and cleantech.
