TerniEnergia signs preliminary agreement to sell EPC business unit

TerniEnergia and GIL Capital Ltd  have signed today a preliminary agreement of binding nature for the acquisition by GIL Capital of a Newco called “TerniEnergia Progetti” which will include the branch of the PV EPC business (engineering, procurement, construction and commissioning) of TerniEnergia. The total consideration for the acquisition of 100% of the share capital of the Newco “TerniEnergia Progetti” by GIL Capital is equal to EUR0.5 million (USD0.58466 m). The payment will be made on the closing date of the transaction, which the Parties have undertaken to achieve during the first ten working days of the first month after the month during which the technical-contractual conditions to closing, which are typical of this type of operation, are achieved along with the approval of the transaction by the Trade Unions.

The agreement will ensure the continuity of the photovoltaic EPC business under a brand that is strongly established in the industry. The branch of the PV EPC business will continue operating from the existing office located in the industrial area of Nera Montoro (TR) guaranteeing the employment of 7 highly qualified technical employees of TerniEnergia. In fact, the Newco will absorb assets represented by highly professional employees, intellectual property rights and quality certifications, engineering and design capabilties, equipment and software relating to the activities carried out in the photovoltaic sector in Italy and abroad, with the exception of the construction contract of a photovoltaic plant in Tunisia.