Electrawinds sheds 6.68 MWp of solar capacity in Belgium
Oct 14, 2013 - Luxembourg-based Electrawinds SE (ETR:EWI) said today it had sold 23 solar projects in Belgium with a combined capacity of 6.68 MWp for an enterprise value of EUR 19.1 million (USD 25.9m).
The transaction saw the group dispose of the park's operators Electrawinds Solar NV and Zon aan Zee NV to Inframan NV, an infrastructure joint venture between Gimv NV (EBR:GIMB) and Belfius Banque SA. The seller mentioned it will spend the proceeds on debt reduction and on its ongoing activities.
The specific solar schemes, located in the Flanders regions of northern Belgium, generate EBITDA in the range of EUR 2 million to EUR 2.5 million per year.
In late August, Electrawinds said its solar business had experienced a 27% year-on-year jump in first-half EBITDA to EUR 1.4 million and a 29% rise in operating revenues to EUR 1.7 million thanks to the commissioning of new solar projects in Belgium and Italy.