Last checked at 9 Aug 2017 07:00
Trading Emissions PLC
Update on Sale of Solar Assets
Following the announcement made on 31 July 2017, Trading Emissions PLC (the "Company") is pleased to confirm the completion of the sale of a further portion of the Italian solar portfolio, held through the Company's subsidiary, TEP (Solar Holdings) Limited ("TEPS"), to a member of the Sonnedix group ("Sonnedix") .
The aggregate net proceeds from the sale, after allowing for transaction and other costs, are estimated to be in the order of EUR3 million.
Although no new escrow arrangement is required, certain claims following the sale may be made against the sums that were placed in escrow pursuant to the sales of other TEPS assets to Sonnedix announced on 2 September 2016 and 15 December 2016. Of the EUR3 million currently held in escrow, EUR1 million will be released on 14 December 2017 and the remaining EUR2 million will be released on 14 December 2018, subject to no claims having been received pursuant to indemnities provided by TEPS. To date, there have been no claims against the amounts held in escrow.
Sonnedix is an independent solar power producer with plants at various stages of maturity located globally.
The Company was represented and advised in this transaction by ValeCap Srl and Orrick, Herrington & Sutcliffe LLP.
Enquires:
FIM Capital Limited +44 (0) 1624 681250
(Philip Scales)
Liberum Capital Limited +44 (0) 20 3100 2222
(Steve Pearce/ Henry Freeman / Josh Hughes)