World Assurance Group (WDAS) a global holding company comprised of three technology subsidiaries based in Ireland and Singapore has made its first venture into the solar power generation business with the purchase of three companies from renewable energy developer Power Cloud.
The acquisition of Solar Parc Molvodeni SRL, Fran SRL and Power Clouds (Japan) Ltd brings 6.1 MW of solar power generation capacity to WDAS, generated from five Power Cloud production units totaling 25,000 PV solar panels.
The asset value of these power cloud production units is estimated to be in excess of $15 million, and an additional 35,000 solar panels are already been funded by Power Cloud participants for the creation of 14 new Power Clouds in Japan. These power plants will be booked as fixed assets on the WDAS balance sheet.
Once the deal is complete, WDAS will change the name of the three operating companies to Power Clouds Inc., and begin trading under a new ticker symbol in due course.
"Over the past few months we have undertaken a full examination of the best strategic options for WDAS and its shareholders going forward," said WDAS chairman Fabio Galdi. "The acquisition of these Power Cloud operating companies brings WDAS directly into the solar power generation business."
Galdi added that the deal adds hard assets to the company, but also brings ongoing operations in what is termed a "high growth" and "future orientated" sector solar energy. "With this refocus into operational activities, the investment community can better understand our business and also benchmark our performance with peers in solar power generation."