Transeastern power trust to acquire wind project in Romania from RG Renovatio for 21.9 mln dollars
Transeastern Power Trust , a renewable energy holding company, has agreed to acquire wind project located in Romania , from RG Renovatio Group Ltd , a solar and wind energy development company, for a purchase consideration of CAD30.6 million ( USD21.88 million ) less the amount of debt financing on the wind project as on the closing date, according to www.renewablesbiz.com 2016-02-09 13:12:33
The total installed capacity of wind project is 17 MW. The transaction implies a deal value of USD1.28 million per MW. The wind project has been in operation since 2012 and generates approximately 45,000 MWh of electricity annually. The net purchase price will be payable as to 50% by way of an interest free vendor-take-back loan with the remaining 50% payable by the issuance to Renovatio of a combination of units of Transeastern Power at a deemed issuance price of CAD1 per unit ( USD0.71 per unit) and 7.5% convertible unsecured debentures of Transeastern Power governed by the debenture indenture of the company as on May 28, 2014 .
The acquisition is subject to the satisfactory completion by Transeastern Power of technical and legal due diligence, and applicable conditions precedent. The transaction is expected to complete by May 31, 2016.
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