Trading Emissions sells part of Italian solar folio
Source - SMW
Trading Emissions confirms the sale of a portion of its Italian solar portfolio.
Subsidiary TEP (Solar Holdings) Ltd has entered into a sales and purchase agreement with a member of the Sonnedix in respect of the sale of its entire interest in two Italian subsidiaries, Etuno Srl and Solar Energy Italia 6 Srl (also known as Librandello).
These comprised three ground-mounted solar photovoltaic plants located in Basciano and Cupello in Abruzzo and Chiaramonte Gulfi in Sicily respectively, with combined capacity of 11.2MW (the "Investments").
The aggregate net proceeds from the sale of the Investments, after allowing for transaction costs, are estimated to be €8.5m.
Under the terms of the SPA, completion and receipt of the sales proceeds are subject to various conditions precedent being fulfilled by TEPS no later than 14 December 2016.
Of the payment by Sonnedix at completion, €3 million will be deposited in escrow, to be released to TEPS as to €1 million on the first anniversary after completion and the remaining €2 million on the second anniversary after completion, subject to no claims having been received pursuant to indemnities provided by TEPS customary for this type of transaction.