- Jade Power Trust (JPWR.UN) has signed a binding share-sale agreement with Enery Power Holding GmbH and an affiliate to sell all of its renewable energy operating assets
- Enery Power Holding GmbH is an Austrian-based renewable energy company with operations throughout the Czech Republic, Slovakia and Bulgaria
- The parties to the purchase agreement act at arm’s length
- The purchase price is approximately 71.0 million euros (approximately C$93.7 million) and is payable in cash at the closing of the sale transaction
- Jade Power Trust is engaged in the energy business
- Jade Power Trust was up 13.208 per cent, trading at C$3.00 as at 12:36 PM ET
Jade Power Trust (JPWR.UN) has signed a share-sale agreement with Enery Power Holding GmbH and an affiliate.
The agreement regards the sale of Jade Power’s renewable energy operating assets.
Enery Power Holding GmbH is an Austrian-based renewable energy company with operations throughout the Czech Republic, Slovakia and Bulgaria.
The purchase price is approximately 71.0 million euros (approximately C$93.7 million), payable in cash at the closing of the sale transaction.
“We believe that this offer affirms management’s vision for value creation and an excellent value for unitholders,” jointly said Ravi Sood, Executive Chairman of Jade Power, and James Colter Eadie, Chief Executive Officer.
“The offer also represents a substantial premium to the weighted average price of the Trust’s units over any timeframe over the past several years,” they added.
“While we are already developing solar greenfield assets in Romania for three years, this represents the initiation of our green electricity production in the fast growing and dynamic Romanian renewable energy through the acquisition of operational renewable capacity in a diversified mix of wind, solar and hydro generation,” noted Richard König, CEO of Enery.
Jade Power Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, was formed to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment.
Jade Power Trust was up 13.208 per cent, trading at C$3.00 as at 12:36 PM ET.