Trading Emissions sells 11.2 MW of Italian solar plants to Sonnedix
Source: Sonnedix. License: All Rights Reserved.
Trading Emissions PLC (LON:TRE) today unveiled a deal to sell three solar power plants in Italy with a combined capacity of 11.2 MW to solar power producer Sonnedix.
Earlier this week, it was announced that the asset management arm of US investment bank JP Morgan (NYSE:JPM) has bought substantially all of Sonnedix Power Holdings Ltd, which owns plants in a number of countries, including Italy.
Isle of Man-registered Trading Emissions will receive net proceeds of EUR 8.5 million (USD 9.4m) from the sale, with EUR 1 million and EUR 2 million of the payment to be released respectively on the first and second anniversary after completion. Closing the deal is subject to conditions precedent that the seller should meet by December 14, 2016.
The three ground-mounted solar plants are located in Basciano and Cupello in Abruzzo and Chiaramonte Gulfi in Sicily. They are part of Trading Emissions' private equity portfolio which as at end-2015 was valued at GBP 16.1 million (USD 21.1m/EUR 19.2m).
In accordance with its investment policy, the company will distribute all cash not required to meet operating costs to shareholders.