- 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.