June 10 (Renewables Now) - TerniEnergia SpA (BIT:TER) has signed all contracts related to the previously announced sale of a 19.3-MW solar portfolio in Italy and a preliminary deal to shed its 50% stake in a joint venture (JV) with Italian renewable energy company Errenergia.
More specifically, TerniEnergia, part of Italieaf Group, will divest 22 photovoltaic (PV) parks for a total price of EUR 23.9 million (USD 27m) to solar plant aggregation platform Mareccio Energia Srl in partnership with LCF Alliance.
As agreed earlier, TerniEnergia will continue to operate and maintain the plants for a period of three years.
Separately, the Italian group said it has signed a preliminary contract to sell its 50% shareholding in NextPower II Prima Srl -- a JV it owns together with Errenergia -- to NextPower II Alpha Srl for around EUR 1.3 million.
NextPower II Alpha, an investment vehicle managed by London merchant bank NextEnergy Capital, has also agreed to buy Errenergia’s stake in NextPower II Prima. The latter owns two PV parks in Puglia, a southern region in Italy, with a combined capacity of 1.9 MW.
The transaction also envisages the assumption of EUR 4 million in financial debt. Its completion is subject to conditions precedent and is expected to occur on August 8.
(EUR 1.0 = USD 1.130)