TerniEnergia ponders sale of solar, biogas assets as part of transition

Italian smart energy company TerniEnergia SpA (BIT:TER) could sell its non-controlling interest in 30 MWp of solar assets and possibly 100% of a biomethane project in Lecce as part of a transition plan.

TerniEnergia’s board of directors met on Tuesday to examine measures aimed at stabilising the firm’s economic and financial situation by the end of the year. The company plans to take actions to achieve over EUR 2 million (USD 2.4m) in fixed cost savings on an annual basis, it said in a statement.

Among these measures are the potential disposal of non-controlling investments in the above-mentioned solar photovoltaic (PV) parks, which are now considered to be non-strategic assets. The company says that the timeframe for defining this type of transaction on the secondary market ranges from three to eight months.

Also, TerniEnergia is considering the full or partial sale of Newcoenergy Srl, the owner of the biodigestion project that is currently being implemented in Calimera, Lecce. Upon completion, the specific plant will produce biomethane from organic waste. A sale of the project company would eliminate the need to make capital intensive investments in a non-strategic asset, the firm explained.

Furthermore, TerniEnergia will look into opportunities for the sale of LED lighting systems maker Greenled Industry SpA, as well as the contribution in kind of the engineering, procurement and construction (EPC) and operations and maintenance (O&M) business units to existing industrial companies.

(EUR 1.0 = USD 1.180)

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