Romania: Transeastern Power Trust announces proposed acquisition of wind renewable energy project, Investors
Transeastern Power Trust is pleased to announce that it has entered into a letter of intent for the proposed acquisition of a 17 MW operational wind project (the “Wind Project”) located in Romania. The Wind Project has been in operation since 2012, has an off-take agreement in place, and generates approximately 45,000 MWh of electricity annually.
The purchase price of the Wind Project is EUR20,400,000 (Cdn.$30,600,000) less the amount of debt financing on the Wind Project as at the closing date. The net purchase price shall be payable as to 50% by way of an interest free vendor-take-back loan with the remaining 50% payable by the issuance to the vendor of a combination of units of the Trust at a deemed issuance price of Cdn.$1.00 per Unit and 7.5% convertible unsecured debentures of the Trust governed by the debenture indenture of the Trust dated May 28, 2014. The vendor of the Wind Project is RG Renovatio Group Limited which currently owns greater than 10% of the outstanding units of the Trust.
The acquisition is subject to the satisfactory completion by the Trust of technical and legal due diligence, the execution of a binding acquisition agreement and the satisfaction of applicable conditions precedent. The proposed acquisition is expected to close by May 31, 2016. The Trust shall provide further details upon the closing of the acquisition.
Chief Executive Officer of Transeastern, J. Colter Eadie, commented “The acquisition of the Wind Project is transformational for the Trust and is a major step forward in our diversification and expansion across generation types and capacity. This acquisition will more than double the annual power generation of the Trust. We are very pleased by the major commitment exhibited by the vendor which is subscribing to our business model as evidenced by agreeing to take a substantial component of its economic consideration in the form of units and other securities of the Trust.”
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