Further to the stock exchange announcement dated 29 December 2020 regarding the date for the final signing of the transaction agreement with 3T S.r.l. to buy two 1 MWp solar parks in Sardinia, Italy. New date for signing is expected on or around 28 February 2021.
Both the seller and Aega remain eager to complete the deal, but another administrative delay from the seller’s bank has postponed the signing further. The bank has informed Aega that it (the bank) has been involved in an acquisition process which meant that it put credit committee processes on hold until the acquisition was finalised. As the acquisition is now complete, the bank’s credit committee activities will be resumed.
Please note that according to the share purchase agreement, Aega will formally own the two solar parks in question from 1 January 2020. Hence, the delay will not have any impact on Aega’s revenues from the solar parks, provided that the final transaction agreement is signed as planned.
Both of the 1 MWp solar parks in Sardinia are elevated ground mounted power plants. Feed-in tariff end is 14 years 13 years, respectively, out of their 20-year concession periods. Both plants are expected to deliver an internal rate of return (IRR) in line with Aega's current assets and the group's overall investment target.