Italian-based renewable energy TerniEnergia has entered into a strategic alliance with EDF EN Italia to operate 50% of the share capital of EnergiaAlternativa.
EnergiaAlternativa owns and utilises 12 utility-sized PV plants in Italy with a combined capacity of 13.9MWp. The total assets have been valued at around €54.3 million.
The net value as well as the final price of this purchase will be calculated according to the Energia Alternativa’s financial statements from the effective date of the transfer. The assignable price for TerniEnergia is estimated to be equal to 50% of this valuation.
Both parties have developed a simulation of the purchase through a countervalue of about €6.8 million in December 2012.
Stefano Neri, TerniEnergia’s chairman and CEO, said: “The purchase of EnergiaAlternativa, which completes the first step of a process of valuation of assets represented by the ownership of industrial sized photovoltaic plants developed with EDF EN Italy, is part of a process of rationalization of investments that we think strategic to maximize revenues resulting from power generation and to improve operational efficiency in the management and sale of photovoltaic energy.”