SAG Solarstrom’s sale of the 48MW Serenissima PV plant in Italy to an unnamed European investor will be concluded shortly, the company has announced. The completion of the sale was delayed by contingent high administrative efforts.
The contract for the project was signed on December 31, 2011 and included a €118 million loan agreement. After the repayment of a bridging loan of €80 million and payment of receivables, SAG Solarstrom will obtain liquid funds of more than €50 million.
Due to the excess work on closing the deal, SAG Solarstrom will publish its annual statement in April 2012 but publication dates for the Q1 2012 report and the annual general meeting 2012 are not expected to be affected by the delay. The company expects sales for 2011 to be in the range of €260 to €280 million as predicted.