Agreement signed to buy 60% shares of Naxxar Renewable Energy Management Holding

Polenergia has signed a conditional agreement to buy 60% shares of Naxxar Renewable Energy Management Holding a company developing a wind farm project in Romania.

Under the terms of the agreement, Polenergia will have the right to acquire the remaining 40% stake in Naxxar Wind Farm Four Srl between July 1 and December 31, 2024. If Polenergia fails to exercise this right, the Seller will be able to sell the remaining 40% stake in the Company to Polenergia between January 1 and June 30, 2025. The remuneration for the Shares amounts to EUR 3,476,574.81 (US$ 3,667,925) (with possible adjustment for the net debt mechanism).

The acquisition of a stake in Naxxar Wind Farm Four Srl is a significant development for Polenergia. The company is expanding its operations into Romania. The wind farm project is also one of the largest in the region and will help Polenergia achieve its renewable energy targets.

The acquisition is expected to be completed in the Q1 of 2024.