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10Oct 2019
  • The plant is equipped with solutions for ticketing, smart payment and access control for vehicles
  • The project aims to automate and speed up the processes of payment of tolls and embarkation on ferries, thereby optimizing the resources and costs of operational management of the client
  • The Villa Agip terminal was fully operational throughout the summer phase of high traffic operating regularly

 

TerniEnergia, a smart company listed on the Italian Stock Exchange’s electronic share market (MTA) and part of the Italeaf Group, announces that the Group’s digital company, Softeco Sismat, has completed and delivered to Caronte & Tourist, a leading company in maritime connections to and from Central Italy, the first terminal (Villa Agip) planned in an extensive project of digital reorganization of the activities of the port terminal of Villa San Giovanni for maritime transport to Sicily.

The plant completed in line with the operational schedule is provided for in the contract signed in January 2018, which provides for the supply of solutions for ticketing, payment of tolls (smart payment) and access control for the routing of vehicles for a total amount of approximately Euro 2.1 million. The project, the first phase of which has been completed, will be completed in 2020 and has the objective of automating and speeding up the processes of payment of tolls and embarkation on the ferries of the Villa San Giovanni-Messina route, thereby optimizing the resources and costs of operational management of the client.

Softeco has completed and delivered the first of the two separate terminals that form the Caronte terminal. The system called “Villa Agip”, provides for the channelling of vehicle traffic on lanes designed to recognize the class of vehicle and the payment of the toll through automatic cash machines or lanes Telepass. Once the payment has been made, the vehicles are routed, via the ordinary road network, to the operational boarding terminal of Villa Mare at Villa San Giovanni to proceed to the actual boarding.

Systems for the sale of tickets and automatic payment of tolls (vehicle lanes) have been activated, integrating access control systems, automatic recognition of the vehicle’s class, automatic ticketing using cash, cash-less and Telepass systems and, finally, the routing of vehicles to the boarding terminal according to pre-defined scenario logics that can be activated according to the operational needs of the customer.

All the systems supplied by Softeco and purchased from Third Parties (control barriers, photocells, traffic lights, vehicle presence detection loops) have been integrated into a single automation and remote control platform based on the proprietary Rtu-GO product line. The supervision system, based on a customisation of the proprietary Adverto solution, interfaces with the following devices:

– Sigma checkouts

– Touch plate recognition cameras

– TBridge tariff management system

– Sick vehicle classification system

– Telepass

– Ticket reading columns

– Ticket issuing column

– Camera occupancy lane

Softeco provided the turnkey system including design, purchasing from third parties, installation, integration and activation of the system and testing, training courses for Caronte personnel.

The Villa Agip terminal was operational throughout the summer phase of high traffic operating regularly. The digital company of the TerniEnergia Group continues to support Caronte, managing the operational maintenance of the system.

 

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.

01Oct 2019

TerniEnergia, a smart company listed on the Italian Stock Exchange’s electronic share market (MTA) and part of the Italeaf Group, following the press release issued on 20 September 2019, to which reference should be made, announces that that today, following the effectiveness of the Certification of the Rehabilitation and Relaunch Plan (“the Plan”) and of the Financial Agreement for the restructuring of the debt towards the credit institutions (as per today’s press release), has been fulfilled the resolutive conditions of the closing for the transfer (by TerniEnergia itself, also through investee companies) to the special purpose vehicle Italia T1 Roncolo, headed by Mareccio Energia S.r.l., platform for the aggregation of photovoltaic plants in Italy of a primary investment fund, in partnership with the sponsor LCF Alliance, of 11 photovoltaic plants in Italy with a total installed capacity of 9.4 MW, of the total perimeter subject to preliminary contracts represented by 22 photovoltaic plants for a total installed capacity of 19.3 MW.

Therefore, TerniEnergia received a cash payment from the Buyers of approximately Euro 8.65 million (net of the Escrow account of Euro 1 million and minority interests in a JV, subject to sale). The transaction also involves the assumption by the Purchasers of financial debts related to the plants for approximately Euro 17.9 million, of which Euro 0.7 million related to a plant held in JV.

 

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.

30Sep 2019

TerniEnergia, a smart company listed on the Italian Stock Exchange’s electronic share market (MTA) and part of the Italeaf Group, announces that:

today it has been accomplished the conditions precedent to the effectiveness of the financial agreement entered into, inter alia, between TerniEnergia S.p.A. itself were fulfilled today (“Company” or “TerniEnergia”) and its creditor banks (the “Financial Agreement”), in execution of the recovery and relaunch plan drawn up pursuant to Article 67, paragraph 3, letter d), of the L.F. (the “Recovery and Relaunch Plan”), the final version of which was approved by the Board of Directors on 7 August 2019 (for a description of the main terms and conditions of this Recovery Plan please refer to the press release published on 27 June 2019).

The effectiveness of the Financial Agreement represents the positive outcome of a long and complex negotiation process involving numerous counterparties, including, inter alia, the Company’s main creditor banks, as well as bondholders (who had already expressed – according to the majorities required by law – their consent to the renegotiation of the bond loan – according to the terms and conditions of the Recovery and Relaunch Plan – in the context of the shareholders’ meeting held on 30 July 2019). The operations reflected in the Recovery and Relaunch Plan marks a fundamental turning point for TerniEnergia and its group companies, as they will enable them to secure and overcome the crisis situation in which they found themselves, while at the same time enabling the recovery of the related debt exposure and the rebalancing of the financial situation through the implementation, among other things, of the industrial turnaround process planned and reflected in the Recovery and Relaunch Plan and already partly successfully launched by the Company. As is well known, the resolution passed on 30 July 2019 by the holders of the bonds of the non-convertible bond loan denominated “Euro 25,000.000.00 notes two 2019” provides that the participation of bondholders in, and the approval of, the Recovery and Relaunch Plan, as well as the adoption of the new version of the Regulations (already published within the terms provided by law) is subject to the termination, pursuant to Article 1353 of the Italian Civil Code, and therefore will cease to be effective without the need for any further resolution, the non-effectiveness of the Financial Agreement no later than September 30, 2019. As a result of the effectiveness of the Financial Agreement (and of the Recovery and Relaunch Plan) mentioned above, the termination condition reflected in the relevant resolution has not been met.

The operation was led by the Company’s management, with the support, as consultants to the Company, of the legal aspects, of the DLA Piper, for the financial aspects, of the advisors KPMG Advisory S.p.A. and, for the preparation of the certification report, of Studio Bonamini & Partners.

The banks were assisted by Studio Gatti Pavesi Bianchi for the legal aspects.

 

 

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.

24Sep 2019

Significant improvement in margins due to strong structural cost reduction actions

  • Going concern basis on the assumption of effectiveness of the Recovery and Relaunch Plan, together with the Financial Agreement in execution of the same, by September 30, 2019
  • Revenues equal to Euro 24.5 million, -14% (Euro 28.5 million at 31/12/2017)
  • EBITDA equal to Euro 1.7 million, (Euro -1.8 million at 31/12/2017) with Ebitda Margin equal 70 7%
  • EBIT equal to Euro -4 million; +71.2% (Euro -14 million as at 31/12/2017), Earnings before taxes (EBT) of ongoing activities equal to Euro -8.6 million; +57.3% (Euro -20.2 million as at 31/12/2017)
  • Net result equal to Euro -10 million +75.2% (Euro -40.5 million at 31/12/2017)
  • Net Financial Position of Euro 65.2 million (Euro 104.3 million at 31/12/2017)
  • Shareholders’ equity equal to Euro 11.4 million (Euro 21.3 million at 31/12/2017)
  • Update Calendar of corporate events: call of the Shareholders’ Meeting for … October 2019

 

The Board of Directors of TerniEnergia S.p.A. (“TerniEnergia” or the “Company”), a smart company listed on the electronic share market (MTA) of Borsa Italiana and part of the Italeaf Group, which met today, approved the draft financial statements and the consolidated financial statements as at 31 December 2018.

It should be noted that the income statement figures for the previous year, both for the separate and consolidated financial statements, have been restated in accordance with IFRS 5, taking into account the classification of the results of assets held for sale – in accordance with the provisions of the Recovery and Relaunch Plan – as “held for sale held for sale” or discontinued operations, in order to provide uniform information in relation to discontinued operations or those in the process of being disposed of. Furthermore, with reference only to the consolidated financial statements, the balance sheet and income statement have also been restated in accordance with IAS 8, paragraph 42, as reported in the information disclosed to the public in the press release of 23 July 2019.

 

Going concern basis

This resolution was taken on the reasonable assumption that the Rehabilitation and Relaunch Plan would become effective, together with the Financial Agreement implementing it by September 30, 2019, taking into account that this deadline was set by the Bondholders’ Meeting of July 30, 2019.

 

CONSOLIDATED RESULTS AS AT DECEMBER 31, 2018

Revenues amounted to 24.5 million euros. The decrease compared to the previous year (28.5 million euros; 14%) is attributable to a contraction in the consulting business of the digital company Softeco Sismat and in the energy saving business of TerniEnergia. With regard to energy efficiency, the contraction is due to the financial tension of the Group, which has prevented the continuation of activities according to the original business model (“FTT – Financing Through Third Parties”). The new Recovery and Relaunch Plan envisages, in fact, a change in the business model of the sector and the launch of new projects in collaboration with financial partners, in order to minimise the cash commitment required. As regards the reduction in revenues from Softeco’s consulting activities, on the other hand, the reduction is attributable to a reduction in the number of employees dedicated and to the strategic repositioning of the Company. This decrease was, however, faced with strong actions to reduce structural costs, which allowed a significant recovery in margins.

Thanks to these actions, EBITDA reached Euro 1.7 million (Euro -1.8 million as at 31 December 2017), with a significant recovery in overall margins. The Ebitda Margin is equal to 7%, improved compared to 2017.

The Net Operating Result (EBIT) amounts to Euro -4 million (Euro -14 million as at 31 December 2017), after amortisation, provisions and non-recurring write-downs of Euro 5.8 million.

The Net result amounted to Euro -10 million (Euro -40.5 million at 31/12/2017), an improvement of 75.2% due to the significant write-downs recorded in the previous year for assets classified as “held for sale” or “Discontinued operations”, in accordance with the international accounting standard IFRS 5. The disposals envisaged are operations aimed at supporting the industrial turnaround project, as envisaged in the Recovery and Relaunch Plan. Earnings before taxes (EBT) of ongoing activities amounted to Euro -8.6 million (Euro -20.2 million as at 21/12/2017; +57.3%).

The Net Financial Position amounted to Euro 65.2 million (Euro 104.3 million at 31/12/2017), an improvement of 37.5%.

Shareholders’ Equity amounted to Euro 11.4 million (Euro 21.3 million at 31/12/2017). Shareholders’ Equity also takes account of treasury shares held in portfolio, which amount to 1,012,224.

 

TERNIENERGIA S.P.A. RESULTS AS AT 31 DECEMBER 2018

Net Revenues amounted to Euro 5.7 million (Euro 6.6 million at 31/12/2017). The gross operating margin (EBITDA) amounted to Euro 1 million (Euro -1.5 million as at 31/12/2017). The Net operating result (EBIT) is equal to Euro -0.5 million (Euro -4.8 million as at 31/12/2017).

The Net result is negative for Euro 6.3 million (Euro -42.2 million as at 31/12/2017). The NFP amounts to Euro 61.8 million (Euro 71.3 million as at 31/12/2017), while the Shareholders’ Equity amounts to Euro 4.4 million (Euro 10.7 million as at 31/12/2016).

 

The balance sheet of TerniEnergia S.p.A. as at December 31, 2018 shows a Net Equity decreased by more than one third compared to the Share Capital because of realized losses. Consequently, occurs the case in point provided for by art. 2446 of the Italian Civil Code.

 

BUSINESS CONTINUITY AND BUSINESS OUTLOOK

Recovery and Relaunch Plan

During the next months, TerniEnergia will be committed to implementing the recovery and relaunch plan, aimed at pursuing, in the medium term, the transformation of the Group into a “One Smart Company” and the overcoming of the current situation of financial tension. The Plan is based on three pillars: divestment, rationalisation and strategic repositioning with a focus on the Internet of energy, smart mobility and IT consultancy.

  • Divestments. A plan to divest the assets relating to the construction and sale of photovoltaic plants and the management of plants for the production of energy from alternative sources, which until now have been the core business of the group, as well as those relating to the CleanTech Business Unit, with the simultaneous refocusing on the sector of “digital energy”, to be completed no later than December 31, 2020. In addition to the transactions already completed, TerniEnergia is currently negotiating the sale of additional assets, which are expected to be sold as part of the Recovery and Relaunch Plan.
  • Streamlining. The Plan provides for a reorganisation of the Group, which will be structured through the sale of the Companies linked to the assets referred to in the first point (disposals) and a rationalisation of the Group’s structural costs as a result of the disposal policy and, above all, the merger by incorporation of Softeco Sismat Srl into TerniEnergia, to facilitate entry into the hi-tech and digital sector. The planned merger stems from the need to proceed with the concentration of the activities previously carried out independently by the Merged Company (Softeco Sismat) on the part of the Merging Company (TerniEnergia). The operation aims at a corporate reorganization, which should result, among other things, a greater flexibility of internal processes, the simplification of the structure of the holding chain, as well as the optimization of the management of resources and economic and financial flows arising from the activities currently divided into the two companies. The Merger’s operational purposes are associated with some significant synergies deriving from the elimination of corporate and administrative duplications and overlaps, with the consequent containment of general costs due to entrepreneurial activity by means of a single company instead of the current two. The post-merger company will therefore have the identity of technological enabler to enable its customers to deal optimally with the energy transition and digital transformation, with services and solutions enhanced by the integration between Softeco Sismat’s technological and IT skills and those of industrial, plant development, asset management in the renewable energy and environment sectors of TerniEnergia.
  • Strategic repositioning. The plan provides for a decisive enhancement of the technological strengths of the Group, through the development and strengthening of business consulting, industry, smart mobility and digital energy lines with a high technological content, mainly based on the activities currently carried out by Softeco. The integration of the two companies will allow a rapid reaction to the equally rapid evolution in the reference markets represented: (a) the entire energy value chain (digital energy), also by virtue of the transition of the energy sector towards distributed generation models, which involves an increasing weight in smart components in energy production, transmission and distribution networks; (b) the electrification and digitalization of transport and mobility; (c) the “intelligent” management of economic and environmental resources, urban policies, services and relations between people and methods of administration of territories, cities and communities (smart cities); the introduction of criteria of sustainability and efficiency in the use of resources by industry (circular economy). This will allow a consistent focus of industrial activities on activities with greater added value, with an enhancement of the expertise of Softeco Sismat in the integration of technology and models from digitization, in all areas of business with the related changes in the way of operating of the company and its staff, but also in the way of addressing customers with new opportunities to promote the offer through new services.

In this direction, activities are underway to strengthen the commercial structure in support of the sectors with the highest technological content, in order to position the Group with customers and partners of high standing; the presence of the national territory has been strengthened with regard to the offer of products, solutions and services for the consulting, industry, smart mobility and digital energy sectors; selections continue for the implementation and the technical-operational structure to meet the growing need for high professionalism. To this end, agreements and conventions have been signed with universities and research centres.

The Plan provides a debt restructuring and rescheduling agreement with banks, bondholders and creditors in general, which represents a shared solution aimed at overcoming the current financial crisis. 

TerniEnergia is assisted by KPMG Advisory SpA as financial advisor and by the law firm DLA Piper as legal advisor in drawing up the above mentioned Plan. The reasonableness of the Plan is awaiting to be certified by the professional identified by the Company in the person of Dr. Massimiliano Bonamini, pursuant to Article 67, paragraph 3, letter d) r.d. 267/42 for the period 2018-2022.

 

Other resolutions of the Board of Directors and updating of the corporate events calendar

The Board of Directors of TerniEnergia then reviewed and approved the Report on Corporate Governance and the Company’s Ownership Structure for the 2017 financial year, the Report of the Control and Risk Committee and the Report on the Remuneration of Executive Directors and Managers with Strategic Responsibilities, as required by Article 154-bis of the Italian Civil Code. 123-ter of the Legislative Decree. 58/98, which will be submitted to the Shareholders’ Meeting for approval.

The Board also convened the Ordinary Shareholders’ Meeting on first call for 6 November 2019, and on second call for 7 November 2018, to resolve on the approval of the financial statements at 31/12/2018.

The documentation relating to the items on the agenda of the Shareholders’ Meeting will be made available to the public within the time limits and in the manner provided for by current legislation.

Finally, pursuant to art. 2.6.2 of the Regulations of Borsa Italiana S.p.A., TerniEnergia announces the following amendment to the Calendar of Corporate Events 2019, published on 16 January 2019:

26 November 2019 – Meeting of the Board of Directors: approval of the half-yearly financial report as at 30/06/2019.

It should be noted that the dates set out in this press release are purely indicative: any changes, which may be made to them, will in any case be promptly disclosed to the market, in the same manner as for the dissemination of this press release.

 

The Manager responsible for preparing the company’s financial reports, Filippo Calisti, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the document results, books and accounting records.

 

 

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.

 

23Sep 2019
  • The refactoring frame-work contract for the ECCAIRS system, developed by Softeco, will be on a three-year basis for a total amount of approximately Euro 3.5 million.
  • The new E2 platform will assist national and European transport bodies in collecting, sharing and analysing their information, in order to improve the safety of civil aviation transport.

TerniEnergia, smart company listed on MTA of Borsa Italiana and part of the Italeaf Group, announces that the Group’s digital company, Softeco Sismat, in partnership with Fincons S.p.A., has won the tender launched by EASA (European Aviation Safety Agency) based in Cologne (DEU) for the development of a new platform for aviation transport safety based on the refactoring of the ECCAIRS system.

The three-year frame-work contract (2019-2021) provides for the assignment of works to three different groups, for a total amount of Euro 3.5 million.

The consortium formed by Softeco and Fincons S.p.A., an international IT consulting firm, will develop and implement the new platform to be called ECCAIRS 2.0 (in short E2).

The refactoring of the current version of ECCAIRS (European Coordination Centre for Accident and Incident Reporting Systems) in a completely new version, using the latest technologies, is the main objective of the E2 project. The decision was taken by the European Commission Directorate-General DG Move, which will transfer the management of the ECCAIRS suite from the Joint Research Centre (JRC) in Ispra (Varese) to EASA from 2020.

Softeco Sismat, a digital company of the TerniEnergia Group (which in its industrial turnaround process also focuses decisively on the sectors of emobility, sustainable and safe management of transport and digitization and electrification of the mobility chain), has developed, since 1995, the original platform ECCAIRS. It is a solution composed of different applications, with advanced features designed to assist national and European transport authorities in collecting, sharing and analyzing their safety information in order to improve the safety of civil air transport, under the auspices of the Joint Research Centre (JRC) in Ispra (VA).

 

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.

 

21Sep 2019

Enlarge this imageVirginia Gov. Ralph Northam speaks at a news meeting at the governor’s mansion earlier this month in Richmond.Alex Edelman/Getty Imageshide captiontoggle captionAlex Edelman/Getty ImagesVirginia Gov. Ralph Northam speaks at a news convention with the governor’s mansion before this thirty day period in Richmond.Alex Edelman/Getty ImagesUpdated at 6:57 p.m. ET Virginia Gov. Ralph Northam has told his staff members that he will not intend to resign his place of work, his communications director, Ofirah Yheskel, advised NPR member station WCVE Friday.The declaration will come approximately per week following a racist yearbook photograph despatched Virginia’s Capitol into disarray and as most state lawmakers decamp Richmond again to their residence districts for that weekend. They https://www.76ersedge.com/Mattise-Thybulle-Jersey leave a point out funds that continues to be deeply divided soon after lengthy, hectic days of loud outrage from critics and anxious silence from allies of the embattled governor. Following in line with the governorship is Lt. Gov. Justin Fairfax, that is now struggling with two sexual a sault allegations courting to 2000. And guiding him is Attorney Normal Mark Herring, who admitted to working with blackface in a decades-old incident, also.Nationwide 2nd Accuser Arrives Ahead Towards Virginia Lt. Gov. Justin FairfaxNational Virginia AG Says He Dre sed As a Rapper And Wore ‘Brown Makeup’ At a 1980 Celebration All a few embattled politicians are Democrats; the person who’d believe the governorship, whenever they all stage down, is GOP House Speaker Kirk Cox. Which leaves their fellow Democratic lawmakers having a problem they have observed demanding to reply and one particular they carry on to deal with with warning: Really should the boys stage down? “Much from the discu sion has, rightfully, centered about who we have been as Democrats as we proceed to face in opposition to racism and towards sexual a sault. We regard all survivors and believe they ought to be totally heard,” your house Democratic Caucus said in the Friday a sertion that did not identify Gov. Ralph Northam, Lt. Gov. Justin Fairfax or Lawyer Common Mark Herring. “However, this isn’t a partisan difficulty, but a dilemma for all Virginians and all Us residents.” pic.twitter.com/xX7MyBcFCe VA Residence Democrats (@VAHouseDems) February eight, 2019 Democrats in the state Senate, in https://www.76ersedge.com/Maurice-Cheeks-Jersey a very a sertion launched Friday, acknowledged that it ought to be their steps not their words “that will carry up the voices that for a lot as well extended have been silenced.” Also omitted from this a sertion ended up the names Northam, Herring and Fairfax. A number of Democrats amongst the state’s national congre sional delegation have previously especially named on Northam to resign i suing a joint a sertion immediately after Northam’s Saturday news convention indicating he has inflicted “immense agony and irrevocably broken the rely on Virginians have to have in their leaders.”And just about each individual member of Virginia’s Democratic Dwelling delegation loudly referred to as for Fairfax’s departure following the release in the second sexual a sault allegation from him Friday. Joint statement with @RepSpanberger, @RepElaineLuria, @RepWexton, @GerryConnolly: pic.twitter.com/9nd8uijqDF Rep. Don Beyer (@RepDonBeyer) February https://www.76ersedge.com/Allen-Iverson-Jersey eight, 2019 Still, the Virginia GOP didn’t wait to place out that point out lawmakers’ modern delicate reaction amounted to just what the occasion described to be a “hall pa s.” And its chief mentioned that although some Democrats in the beginning demanded that Northam resign following the image surfaced, there was a distinct response when Herring produced his admi sion. “If this were some other elected placement within the Commonwealth, Virginia Democrats can be rightfully calling for a resignation,” the Republican Celebration of Virginia reported Friday. “The Democrats have sacrificed their morals and values for political expediency.” Afterwards in the working day, each time a 2nd sexual a sault allegation surfaced versus Fairfax this a person when he was a university student at Duke University in 2000 Democratic lawmakers arrived out considerably more forcefully. Approximately each and every national congre sional representative from Virginia identified as for Fairfax’s resignation in a very joint statement. Joint a sertion with @RepSpanberger, @RepElaineLuria, @RepWexton, @GerryConnolly: pic.twitter.com/9nd8uijqDF Rep. Don Beyer (@RepDonBeyer) February eight, 2019Megan Pauly with WCVE in Richmond contributed to this report.

20Sep 2019
  • The sale of the first tranche of a total perimeter of 22 photovoltaic plants to Mareccio Energia S.r.l., a platform for the aggregation of assets in Italy of a primary investment fund, in partnership with the sponsor LCF Alliance, through the vehicle company Italia T1 Roncolo, has been completed.
  • Total capacity of the plants subject to closing equal to 9.4 MW
  • Net proceeds for TerniEnergia of approximately Euro 9.5 million, including a trade receivable from an SPV (net of the Escrow account and minority interests in the JV)
  • Total countervalue of the transaction (Enterprise Value) of approximately Euro 29.1 million
  • Part of the purchase price, equal to Euro 1 million, will be paid into an Escrow account as a guarantee of Seller’s obligations and indemnity obligations
  • The transaction involves the assumption by the purchaser of financial debts linked to the plants for approximately Euro 17.9 million, of which approximately Euro 0.7 million relating to the Joint Venture
  • The deal carried out as part of the Recovery and Relaunch Plan of the TerniEnergia Group

 

TerniEnergia, smart company listed on MTA of Borsa Italiana and part of the Italeaf Group, following the press releases issued respectively,on 16 May 2019 and on 6 June 2019, to which reference is made, announces that the sale (by TerniEnergia itself, also through subsidiaries and SPVs) to the special purpose vehicle Italia T1 Roncolo, headed by Mareccio Energia S.r.l., platform for the aggregation of photovoltaic plants in Italy of a primary investment fund, in partnership with the sponsor LCF Alliance, of 11 photovoltaic plants in Italy with a total installed capacity of 9.4 MW has been completed. The plants are part of the total perimeter subject to preliminary contracts represented by 22 photovoltaic plants for a total installed capacity of 19.3 MW. 

The effectiveness of the closing is subject to the resolutive condition represented by the non-application, by September 30, 2019 at the latest, of the Attestation of the TerniEnergia Recovery and Relaunch Plan (“the Plan”) and of the Financial Agreement for the restructuring of the debt towards credit institutions.

The total price for the sale of the plants is equal to approximately Euro 10.3 million (Equity value), while the net collection for TerniEnergia will be equal to approximately Euro 9.5 million, including a trade receivable from an SPV (net of the Escrow account and the minority interests in the JV, as indicated below).

The acquisition contract was made after the establishment of two Newcos, Ternisolarenergy NC S.r.l. e Solter NC Leporano Sangiorgiojonico S.r.l., into which part of the asset portfolio consisting of a total of 9 plants was transferred, of which:

– 7 plants with a total capacity of 5.7 MW owned by Terni Solarenergy S.r.l.,

– 2 plants for a total of 1.9 MW owned by Solter S.r.l..

The purchase price of these plants is approximately 7 million euro, corresponding to the equity value determined at the reference date of 30 June 2018 (total enterprise value of approximately 24.2 million euro).

In addition, has been sold a plant with a total capacity of 1 MW conferred to the newco “G NC Radicci Srl”, which was conveyed by Girasole Srl, a 50-50 joint venture between TerniEnergia and Errenergia. The purchase price for 100% of the SPV is about 1.3 million euros, corresponding to the equity value determined at the reference date of June 30, 2018 (Enterprise value of about 2 million euros).

Finally, another 0.8 MW plant held by SPV Alchimia Energy 3 S.r.l. was sold to the Buyers with the “Quota Purchase Agreement” formula (acquisition of the shares of the company owning the plant subject of the transaction). The purchase price for 100% of the SPV is approximately 2 million euro (Enterprise value approximately 2.9 million).

The transaction also involves the assumption by the Purchasers of financial debts related to the plants for approximately Euro 17.9 million, of which Euro 0.7 million related to the plant held in the JV.

Part of the purchase price, equal to Euro 1 million, will be maintained in an Escrow account as a guarantee of Seller’s obligations and indemnification obligations, and issued upon fulfilment of certain conditions expressly established by the parties.

The payment will be made on a cash at the date of effectiveness of the Attestation of the TerniEnergia Recovery and Relaunch Plan (“the Plan”) and of the Financial Agreement for the restructuring of the debt towards the credit institutions.

TerniEnergia was assisted by Grimaldi Studio Legale, as legal advisor, with a team coordinated by the Partner, lawyer Annalisa Pescatori, and by EnVent Capital Markets as financial advisor. Italia T1 Roncolo S.r.l. and LCF Alliance were assisted by the Energy Team of Rödl & Partner, with a team led by Partner Roberto Pera, as legal advisor.

 

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.

11Sep 2019

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28Aug 2019

The Board of Directors of Italeaf (”Italeaf” or ”the Company”), a holding company active in the cleantech and smart innovation sectors, listed on Nasdaq First North, which met today, resolved to postpone the approval of the separate and consolidated financial statements as at 31 December 2018 and the half-yearly financial report as at 30 June 2019.

In this regard, the Company’s Board of Directors has noted that:

  1. on 7 August 2019 the Board of Directors of the subsidiary TerniEnergia S.p.A. (“TerniEnergia”), the holding company’s main asset, resolved to postpone any decision on the approval of the draft financial statements and consolidated financial statements as at 31 December 2018 to a period between 19 and 27 September 2019 in order to be able to take fully into account, in approving the financial data, the impacts deriving from the definition of the restructuring agreements under negotiation with the financial creditors;
  2. negotiations are in progress with the creditors and that some financial creditors are common to the two companies.

Therefore, taking into account the postponement of the approval of the 2018 financial statements and the half-yearly financial report as at 30 June 2019 of TerniEnergia and the importance of the outcome of the ongoing negotiations with the banks (of which the market is and will be regularly informed), the Board of Directors Italeaf’s Board of Directors has deemed it appropriate to postpone any decision regarding the approval of the draft financial statements, the consolidated financial statements as at 31 December 2018 and the half-yearly report as at 30 June 2019 until a date to be defined following the approval of the corresponding documents by TerniEnergia and the completion of negotiations with the banking community in order to be able to take fully into account in the approval of these financial data the impacts deriving from the definition of the restructuring agreement.

At the moment, the approval of the 2018 draft financial statements and the half-yearly report as at 30 June 2019 is planned no later than 15 November 2019, but the final dates of the Board meetings called for such approvals will be communicated to the market with a subsequent press release, in the manner prescribed by the applicable regulations..