TerniEnergia inks prelim deal to sell solar EPC business

Italy’s TerniEnergia SpA (BIT:TER) said on Monday it has struck a preliminary deal "of binding nature" to offload its solar construction business unit to Britain’s GIL Capital Ltd.

The particular subsidiary, which delivers engineering, procurement, construction and commissioning services for photovoltaic (PV) projects, will be integrated into a newly-set up company called TerniEnergia Progetti and then sold to the UK investor. The total value of the acquisition is estimated at EUR 500,000 (USD 585,200).

Following the transaction, the acquired business will continue to operate from its existing office in Nera Montoro, Terni province, keeping its current personnel.

According to the press release, the newly-established entity will unite assets, intellectual property rights and quality certifications, engineering and design capabilities, as well as equipment and software related to activities in the photovoltaic (PV) sector in Italy and abroad, excluding a contract for the construction of a solar plant in Tunisia.

TerniEnergia noted that the agreement will ensure the continuity of the photovoltaic EPC business. It previously announced its solar operation and maintenance (O&M) business unit would also be part of the sale, but it is not included in the preliminary pact.

(EUR 1.0 = USD 1.170)

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