Spanish integrated solar PV platform Enerside Energy SA (BME:ENRS) said on Friday it had struck a deal to set up a joint company that will hold a pipeline of 2.6 GW of solar projects in Italy.
It said it signed a binding agreement with AGE (Alternative Green Energy Italy Holdco 2 SL) to establish the Italian business, with both parties contributing solar projects in various stages of development and various parts of Italy.
The joint company will have projects totalling 1,786 MW nominal contributed by AGE and 800 MW nominal from Enerside. The business will benefit from AGE’s team, which has local knowledge, while Enerside will bring experience in developing greenfield projects through construction and operation, the company said.
Enerside will also acquire some of AGE’s shares in the new company for EUR 3 million (USD 3.19m) in cash following due diligence. Once they sign, Enerside will have a stake of around 62% in the business and AGE the remaining 38%, Enerside said in a bourse filing.
Spain-based AGE is Enerside's shareholder, holding an interest of 8.3% via Alternative Green Energy Italy Holdco SL
Enerside is already present in Italy, having acquired assets there at the start of 2022 before going public later in March.
(EUR 1.0 = USD 1.064)
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