KREnergy sells 2.98 MW solar plants in Italy

Aug 2, 2013 - Italian renewable energy company KREnergy SpA (BIT:KRE) said on Thursday it signed a framework accord with the Perseide Energie investment fund for the sale of three photovoltaic plants in Italy with total installed capacity of 2.98 MW.
KREnergy will sell the plants, owned by its subsidiary Coser, to the Perseide Energie fund, entirely subscribed by Gruppo Cattolica Assicurazioni (BIT:CASS) and Sviluppo 81 Srl, for a total amount of EUR 9.1 million (USD 12m).
The plants are located in the Bari province of the southern Italian region of Apulia.
The closing of the deal is planned for August 7.
The finalisation of this transaction will allow KREnergy to launch investments and development of new plants and to complete the construction of the recently acquired Zeri and Bagnone hydropower plants, chief executive Antonio Bruno commented. The Zeri plant is expected to start operations by the end of this year, while the Bagnone plant will be launched in 2014, the CEO added.
Besides, KREnergy will use the income from the sale of the solar plants to acquire an authorisation in geothermal power, a sector in which the group will focus in line with its strategy, Bruno said.
(EUR 1 = USD 1.321)

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