LONDON (Alliance News) - Clean energy fund Trading Emissions PLC announced on Friday that it has entered talks to sell part of its Italian solar portfolio to solar developer Sonnedix.
The net proceeds of the sale are estimated to be EUR8.5 million, and all the cash that is not required to meet the company's operating costs will be distributed to shareholders.
Shares in Trading Emissions were up 21.0% at 3.12 pence a share early Friday, giving the company a market capitalisation of GBP7.8 million.
Trading Emissions will sell its interests in its Italian subsidiaries Etuno Srl and Solar Energy Italia 6 Srl, known as Librandello, which have three solar photovoltaic plants with a combined capacity of 11.2 megawatts.
The solar plant interest was part of the company's private equity portfolio, valued at GBP16.1 million in its interim report for the period to the end of 2015.
By Adam Clark; adamclark@alliancenews.com
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Trading Emissions PLC (TRE)
