to-the-point: Wood to sell 50% of Italian wind farm JV

Energy services provider John Wood Group Plc (LON:WG) today said it has agreed to offload a 50% stake in its wind farm joint venture (JV) in Italy in a USD-27-million (EUR 23.7m) deal.

Wood’s share in the Voreas Srl JV entity brought earnings before interest, taxes and amortization (EBITA) of around USD 3 million in 2017. The Scottish company’s chief financial officer David Kemp said that the deal will make “significant contribution” to Wood’s non-core asset disposal programme, a major part of its deleveraging plan.

The sale is subject to a range of conditions precedent and is seen to be completed in the fourth quarter.

(USD 1.0 = EUR 0.878)

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