Minerva Messina substation sold to Terna

 | Source: Athena Investments A/S Athena Investments A/S


Copenhagen, 14 December 2011

  

Company Announcement No 52/2011

   

Minerva Messina substation sold to Terna 

Greentech Energy Systems A/S has signed a binding agreement regarding the sale of the Minerva Messina substation to Terna (the Italian grid company) at a price of EUR 5.210M. The closing is scheduled before the end of Q1 2012.

The sale of the substation and thereby obtaining of permanent grid connection are important achievements which will provide Greentech the following benefits:  

  1. The sale of the substation will free additional cash flow
  2. The Minerva Messina substation is an important and strategic element of the national grid in Sicily
  3. The permanent grid connection allows the Minerva Messina plant to exploit its full capacity of 48.3 MW, while until now it has been limited at 50% of capacity by Terna due to the use of a temporary connection.

    

The Board of Directors

    

For further information, please contact:
Sigieri Diaz della Vittoria Pallavicini, CEO, tel: +45 33 36 42 02
Peter Høstgaard-Jensen, Chairman of the Board of Directors, tel: +45 40 10 88 71