Terna’s subsidiary SunTergrid has completed the sale of the Nuova Rete Solare (NRTS) to Terra Firma, transferring 100% of NRTS shares to the company. NRTS currently holds a 78.5MW portfolio of projects, which have been completed and connected to the grid. The plants are eligible for benefits from various Conto Energia FiT schemes since all began operation before August 31.
The companies noted that the enterprise value of the transaction amounts to €264 million with the sale of NRTS producing an overall gross proceed of around €69 million. It is expected that the gain from the transaction will moderately integrate Terna’s 2011 dividend. The sales contract additionally outlined Terna’s continued maintenance, surveillance and monitoring services for NRTS.
“Thanks to our strongly dedicated team once again our investments created value, generating double digit returns in a record time. In less than one year we have already reached about 20% of our 5-years capex target in non-traditional activities. Since 2010, when we started our first PV project, we have installed more than 220MWp,” stated Flavio Cattaneo, chief executive officer of Terna.