China Smarter Energy, ECO2M target Europe with renewables JV

Investment holding firm China Smarter Energy Group Holdings Ltd (HKG:1004) said Thursday it is considering setting up a joint venture (JV) with ECO2 Management Ltd with the goal of developing renewable projects in the UK and mainland Europe.

The two companies entered into a non-legally-binding heads of terms (HoT) on October 15. As part of the deal, China Smarter Energy is expected to own 70% in the new entity, according to the statement.

Following the signing of the HoT, China Smarter Energy now has an exclusivity period of 60 days to conduct due diligence and to negotiate definitive documentation. If satisfied by the outcome of the due diligence process, the firm may purchase a certain equity stake in ECO2M, as well.

ECO2M has already spotted potential renewable energy projects suitable for development by the JV.

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