Last checked at 4 Apr 2013 07:00
Trading Emissions plc(the "Company")
Investment Update
The Company is pleased to announce the execution of the final limited recourse project financing documentation by its ultimately wholly owned subsidiaries, TEP (Solar Holdings) Limited and Solar Energy Italia 6 S.r.l. ("Librandello"). The loan is being provided by a major European bank and the Italian insurance and financial group SACE is guaranteeing repayment of 50% of the financing. Librandello owns and operates a single site solar photovoltaic plant in Sicily with a capacity of 9.2 MW.
The project financing is for a total of EUR 31 million. Security in favour of the lender will be established over the shares of Librandello, surface rights of the land, assignment over receivables and feed-in-tariff.
Drawdown of the project financing will occur following satisfaction of a number of conditions precedent, currently expected to be during April, 2013. The net proceeds to be received by the Company during 2Q 2013 are currently estimated to be in excess of EUR 26 million, after allowing for costs, expenses, fees, taxes and other liabilities, including repayment of the balance of the loan principal and interest due to EEA Holdings Limited.
Enquiries:
IOMA Fund and Investment Management Limited | +44 (0)1624 681250 |
Philip Scales |
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Liberum Capital Limited | +44 (0)20 3100 2222 |
Steve Pearce/Tom Fyson |
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