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TerniEnergia SpA Completes Appreciation Process of Photovoltaic Assets in Common with EDF EN Italia and Demerges the JV Fotosolare Settima Srl

Wednesday, 17 Jul 2013 03:38am EDT 

TerniEnergia SpA announced that together with EDF EN Italia, it has concluded the assignment of the assets made up of photovoltaic plants in operation and held in Joint Venture. The two companies, indeed, entered into an agreement relating to the partial non proportional de-merger of Fotosolare Settima Srl, a company owning 10 photovoltaic plants in operation for a total amount of 9.4 MWp, previously held in JV with shareholdings equal to 50%. The above mentioned agreement sets forth the incorporation of a newco, to be named Solter Srl, whose corporate capital shall be wholly held by TerniEnergia and into which the business concern relating to energy production, made up of four industrial sized photovoltaic plants for a total amount of 3.8 MWp, shall be contributed in kind. The demerged company, owning the remaining six photovoltaic plants for a total amount of 5.6 MWp, shall be held by EDF EN Italia. The Enterprise Value of the assets purchased by TerniEnergia is equal to EUR 13.56 million. The effectiveness of the transaction is subject to the signing of the de-merger act by Fotosolare Settima quotaholders, that is expected to take place within September 2013. Through the completion of the assignment process of the assets previously held with EDF EN Italia, TerniEnergia ’holds at 100% a total amount of 33.3 MWp, to be added to the 11.1 MWp further JV plants held at 50% with other players. 

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