Canadian Jade Power accepts sale of renewable energy assets

September 2 (Renewables Now) – Canada-based renewable energy company Jade Power Trust (TSXV:JPWR.UN) has reached an agreement to sell all of its renewable energy operating assets to Austrian counterpart Enery Power Holding GmbH for approximately 71 million euros (USD). 70.9m) in cash.

Proceeds from the sale will be distributed to Jade Power’s investors, with a portion to be placed in escrow to cover certain potential claims. The company intends to delist from the Canadian Venture Exchange TSX (TSXV) once the transaction closes, it said in a press release Thursday.

Jade Power’s portfolio includes the East Wind and Baia wind farms in Romania with a total capacity of 62 MW, the PowerLIVE and Corabia solar farms with a combined capacity of 16.6 MW and 2.5 MW of hydropower plants, according to the company’s website.

Under the terms of the agreement, Enery has agreed to take over all operating assets of the Canadian Trust’s wholly owned and operating subsidiaries in the Netherlands and Romania, as well as to repay certain shareholder loans.

The asset sale agreement and the planned delisting are subject to the approval of Jade Power’s unitholders. The deal with Enery is also subject to regulatory clearances.

Jade Power was launched in 2014 to acquire, through its subsidiaries, interests in hydroelectric, solar and wind assets in Romania, other countries in Europe and abroad that can provide power flows. stable cash flow to the trust and an appropriate risk-adjusted return on investment.

The Canadian company made its last acquisition in 2018 and has since gone from a net debt of more than 96.5 million CAD (73.4 million USD/73.5 million EUR) to a positive cash position. With the deal announced Thursday, the trust realized gross consideration of more than double the acquisition cost per MW of its final purchase about four years ago.

Vienna-based Enery is a renewable energy startup that currently generates nearly 200 GWh of clean electricity, powering nearly 60,000 homes in the region. The company was founded by Richard Konig, Lukas Nemec and independent power producer RP Global. It counts the Three Seas Initiative Investment Fund as a funder.

(1 EUR = 0.998 USD)

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