Terna has completed an agreement to transfer 100% of the shares of Rete Rinnovabile (RTR) with Terra Firma Investments. The deal is estimated to be worth between €620 and €670 million and will be on a modular basis since the PV plants will be profiting from the Conto Energia feed-in tariff at the closing date, which is expected to occur on March 31, 2011. The closing is pursuant to condition precedents, including the approval of RTRs 2010 statutory financial statements.
Under the multi-annual contracts, Terna will supply RTR with maintenance, surveillance and monitoring services for the plant. Once each land lease contract term expires, Terna will redeem possession of the areas. Terra Firma was given the right to the net income produced by the PV plants between the signing and closing of the agreement.
Flavio Cattaneo CEO of Terna commented on the deal stating, “We are very satisfied with the agreement. We completed an important transaction for Terna, the Country and Italian electricity system. Indeed, in a very short timeframe, the management of Terna has been able to set-up, develop and sell RTR, which will be, at the closing, the number one photovoltaic player in Italy and among the largest in Europe. RTR, with its up to 150MWp generation capacity, will contribute to an almost 10% step up of the current Italian PV capacity, implying a 135ktons CO2 emission reduction, a significant contribution also for the environmental protection”.