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Canada's Jade Power to sell Romanian renewable energy assets to Austria's Enery

Canada's Jade Power to sell Romanian renewable energy assets to Austria's Enery Jade Power Trust's solar park in Corabia, Romania Source: Jade Power Trust

BUCHAREST (Romania), September 2 (SeeNews) - Canadian renewable energy company Jade Power Trust said that it has entered into a binding share sale agreement with Austria-based renewable energy company Enery Power Holding to sell all of its renewable energy operating assets in Romania and the Netherlands for 71 million euro ($71 million).

Enery has agreed to acquire all of Jade Power's wholly-owned Romanian subsidiaries, namely Transeastern Hidroelectrica Del Ucea and Transeastern Rott Energy, as well as all of its equity interests in subsidiaries Power LIVE One, Rott Energy, Zagra Hidro, Corabia Solar, Holmron Renewable Energy and East Wind Farm, Jade Power Trust said in a press release on Thursday.

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Enery will also acquire Jade's wholly-owned Dutch subsidiaries Transeastern Power Cooperatief U.A. and Transeastern Power B.V.

The closing of the sale transaction is subject to a number of customary conditions.

"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," Enery CEO Richard König and COO Lukas Nemec said in the statement.

"As part of the transaction we will sell the mix of diversified renewable energy production via long-term power purchase agreements to key industrial off-takers in Romania, who are securing their long-term electricity needs at a substantial discount to current market prices."

Jade Power Trust has direct and indirect subsidiaries in Canada, the Netherlands and Romania, and has been formed to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow and a suitable risk-adjusted return on investment, according to its website.

Vienna-based Enery has operations throughout the Czech Republic, Slovakia and Bulgaria, producing almost 200 GWh of clean electricity, supplying almost 60,000 households.

($=1.0008 euro)