OSLO: Aega ASA has signed a mutually binding offer to acquire two solar parks in Italy with a total capacity of 2 MW (1+1 MW), a news release said.
Reference is made to Aega’s stock exchange announcement dated 30 October 2020 where the company stated that “We are in advanced negotiations with regards to acquiring additional parks that is expected, if completed, to further strengthen the revenue potential of Aega”.
The investment in the two Italian solar parks are both in line with Aega’s 15 percent IRR target.
Covid-19 has affected Italy badly, putting constraints on domestic travel and M&A activities. Despite this, Aega has so far this year entered agreements to acquire three solar parks with a total of 3 MW capacity. Additionally, Aega has recently closed a financial investment in a fast-growing international integrated solar energy producer, Norsk Solar AS.
“Upon signing the share purchase agreement for the two solar parks, 2020 will represent one of the busiest and most successful acquisition period in Aega’s history,” says Nils Petter Skaset, CEO of Aega ASA.
The final share purchase agreement is expected to be signed on or around 1 December 2020, at which point Aega will share the financial details of the transaction. Final closing is expected on or around 18 December 2020. The completion of the transaction is subject to customary closing conditions.