TerniEnergia to sell 19-MW solar portfolio in Italy

Solar panels in Italy. Image by: TerniEnergia (www.ternienergia.com).

May 17 (Renewables Now) - TerniEnergia SpA (BIT:TER), part of Italieaf Group, has signed a deal to sell a 19.3-MW solar portfolio in Italy to Italia T1 Roncolo Srl in partnership with LCF Alliance.

More specifically, TerniEnergia will divest 22 photovoltaic (PV) parks for an equity value of about EUR 23.9 million (USD 26.7m) and an enterprise value of some EUR 59 million. A portion of the consideration will be paid to the shareholders of certain joint ventures.

The deal envisages the buyer's assumption of EUR 43.3 million of financial debt.

The closing of the transaction is subject to meeting certain conditions and is expected to occur by the end of November 2019. Once the transfer is finalised, TerniEnergia will continue to operate and maintain the plants for a period of three years.

As part of the agreement, TerniEnergia is also to sell three  agricultural firms holding 4.6 MW of PV plants on greenhouses. For those assets, the buyers will pay EUR 3.3 million and will assume EUR 9.4 million in financial debt.

(EUR 1.0 = USD 1.117)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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