OSLO, NORWAY: Aega ASA has signed a mutually binding offer for the acquisition of two solar parks in Italy with a total capacity of 1.33 MW.
Reference is made to the stock exchange announcement dated 15 November 2021 when Aega announced that it had made a non-binding offer for the two solar parks.
Following a successful technical and legal due diligence of the two solar parks, the terms for a mutually binding offer have been agreed and signed between the two parties. If either of the parties chooses to withdraw from the deal, it would trigger a compensation clause.
“The two parks have the same owner and are located close to each other in central Italy, which provides some obvious operational advantages. Following the due diligence process, we are confident that both parks are expected to deliver an internal rate of return (IRR) in line with Aega’s current assets, and hence contribute to economies of scale for Aega” says Nils Petter Skaset, CEO of Aega.
Aega estimates that the final share purchase agreement, and closing of the transaction, will take place during the first quarter 2022, at which point Aega will share the financial details of the potential transaction.
“Our pipeline of deals is attractive, larger and better than in a long time; we are therefore working hard to acquire additional Italy-based solar parks. Our market niche is still not overcrowded by competitors, and we are using this to our advantage and to get to our next outspoken milestone of doubling our production capacity to 10MW during this year.” says Mr. Skaset.