TRE closes EUR-8.4m Italian solar sale to Sonnedix
Solar system in southern Italy. Author: Richard Allaway. License: Creative Commons, Attribution 2.0 Generic.
Trading Emissions plc (LON:TRE) today said it has completed the sale of a part of its Italian solar portfolio to a member of the Sonnedix group.
The company announced the disposal of three solar power plants in Italy with a combined capacity of 11.2 MW in September.
It now said the net proceeds from the sale are EUR 8.4 million (USD 8.8m), including EUR 3 million that has been deposited in escrow. Of that, EUR 1 million are to be released in December 2017 and the remainder in December 2018. Trading Emissions added that it plans to announce a further distribution to shareholders in due course.
Separately, Sonnedix Power Holdings Ltd, an independent solar power producer, announced on Wednesday it has finalised a EUR-197.1-million non-recourse refinancing of a solar portfolio in Italy. It said it has secured long-term bank debt, floating rate project bonds and a debt service reserve facility for a number of Italian solar parks totalling 66.3 MW.
"This refinancing is an important milestone as we deepen our presence in Italy, following several acquisitions in the past twelve months," said Sonnedix chief executive Andreas Mustad.