Italian KR Energy agrees to sell two units for EUR 20.5m
Oct 25, 2012 - Italian renewables company KR Energy SpA (BIT:KRE) said yesterday its board of directors accepted the offer of energy company Idreg Piemonte to buy 100% in the Fimas and Anghiari companies for a combined EUR 20.5 million (USD 26.7m).
With the sale of Anghiari and Fimas, which own hydropower plants in Italy, KR Energy aims to speed up its financial recovery and reschedule debt.
The deal is also expected to allow KR Energy to seek opportunities in the hydropower sector in a market which could be more favourable for companies with liquidity given the difficulties in obtaining bank financing.
Separately, KR Energy accepted the offer of Italian company Quantans to buy 100% of Gestimm, which indirectly owns 56 micro plants in the Trapani province with an installed capacity of 1.12 MW. KR Energy will sell Gestimm for EUR 100,000.
KR Energy had surged 5.92% to EUR 1.271 at 1418 CET on the Milan stock market on Thursday.
(EUR 1 = USD 1.302)