Etrion Corp. has signed a definitive sale and purchase agreement to acquire a portfolio of Deutsche Bank solar assets in Italy for 10.3 million euros, plus a contingent deferred payment of 1.5 million euros.
The Deutsche Bank assets being acquired include 6 MW of operating assets and 10 MW of permitted projects ready for construction in the Puglia region, plus a pipeline of more than 150 MW in various stages of permitting.
The acquisition is scheduled to close by April 30 and is subject to typical closing conditions. Etrion intends to fund the acquisition through a combination of cash on hand and a bridge loan from its major shareholder, Lundin Petroleum. The bridge loan carries interest at LIBOR plus 3%.
SOURCE: Etrion Corp.