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LONDON (Alliance News) - Shares in Trading Emissions PLC jumped 20% Tuesday after the company said its subsidiary TEP Renewables Holding Ltd, sold its interest in EWG Slupsk to Pakenham Sp zoo, a Polish special purpose vehicle owned and controlled by Winergy Last Mile Ltd.
The company, which invests in a range of tradeable environmental permits, said the interest it sold in EWG Slupsk comprised of a 64.44% equity interest and loans with an outstanding amount of EUR4.2 million at June 30.
Trading Emissions' subsidiary, TEP Renewables Holding, had invested EUR10.5 million in EWG Slupsk, in a project under development consisting of 98 wind turbines across eight wind farm clusters, located in Northern Poland. It has an expected final capacity of 253.5 megawatts.
Trading Emissions said the disposal comprises an amount of EUR7 million in cash upon signature of the sales and purchase documentation, and deferred amounts of between EUR15.4 million and EUR19.1million receivable over a period of up to 48 months.
It said that after debt financing has been arranged to fund the development of the project.
EWG Slupsk generated a loss of approximately EUR465,000 in the six months to end of December 2013.
Trading Emissions shares were up 20% at 9.00 pence Tuesday afternoon.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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