The deal with the Italian electricity grid operator was completed through a purchase of 100 percent of the shares in the 78.5 MW facility.
Nuova Rete Solare is grid connected, but not yet sending energy into the grid, Terna said in a written statement.
As of today, NRTS owns a portfolio of a total capacity of 78.5 MWp, all realized and connected to the grid, but not yet producing power. The plants will benefit from various 2011 Conto Energia Feed-in tariffs, as they entered into operation before 31st August 2011, Terna said in a written statement.
The sale of the company generated overall gross proceeds of about €69 million. The gain from the transaction will be partly integrated into Terna’s 2011 dividend.
Under the terms of the agreement, Terna will continue to provide maintenance, surveillance and monitoring services at the facility.
“Thanks to our strongly dedicated team once again our investments created value, generating double digit returns in a record time, said Flavio Cattaneo, chief executive officer of Terna. “In less than one year we have already reached about 20 percent of our 5-years capex target in non-traditional activities. Since 2010, when we started our first PV project, we have installed more than 220MWp.”
During the transaction, Terna was assisted by Rothschild as financial adviser and by Studio Legale Chiomenti as legal adviser. Rothschild and Mediobanca issued a fairness opinion on the EV to the Board of Directors of Terna.
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