Italy-based renewable energy company, Ternienergia Spa announced it has received a binding offer for the purchase of PV plants totaling 16.8 MW, owned by its special purpose vehicles Energia Alternativa Srl, Soltarenti Srl, Guglionesi Srl and Solter Srl, by an unnamed entity.
The company, which expects to cash approximately €16.6 million from the operation, said the buyer has also committed to covering the financial debts linked to the plants for a maximum total of approximately €41.7 million. The transaction is planned to be finalized by the end of January 2018.
“The expected encashment at the time of closing,” Ternienergia stressed, “may correspond to the total final consideration, net of approximately 1.5 MWp out of the total of 16.8 MWp. This is due to past credits that the Company has from the shareholders of some of the SPVs owner of the plants involved in the transaction.”
The operation is also part of the company’s new strategic repositioning, which includes, among other things, the sale of non-controlling equity investments in non-strategic PV plants, “mainly linked to the core activities of the recent past.”
In its financial results for the first three quarters of 2017, published in late October, the company reported a net loss of €8.1 million, down considerably from a net profit of €0.4 million registered in the same period a year earlier.
The company’s revenue also dropped year-on-year, from €61.4 million to €50.5 million. Meanwhile, EBIT swung from a profit of €6.2 million in the first nine months of 2016, to a loss of €7.3 million in the same period this year.
“We consider these results unacceptable for the shareholders of TerniEnergia. The management has a solid intention to accelerate the implementation of very strong measures in the transition phase towards strategic repositioning and after this quarter of substantial blockage of activities, in order to recover competitiveness and change the Group’s performance,” said at the time Ternienergia CEO Stefano Neri.