December 26 (Renewables Now) - Polish photovoltaics (PV) installer Columbus Energy SA said it has agreed to sell 100% of its holding in photovoltaic (PV) projects with a total capacity of 102.5 MW to Engie Zielona Energia for over EUR 97 million (USD 103m).
Krakow-based Columbus noted in a press release on Friday that the contract with the unit of French utility group Engie SA (EPA:ENGI) covers projects at stages of completion, commissioning or operation without specifying further details or their location.
The first tranche of the transaction involves the acquisition of stakes in special purpose vehicles (SPVs) with projects totalling 32.8 MW. The next handover is planned for 2023.
The total price will range from EUR 97.6 million to EUR 110 million, depending on the operating results of the farms and will be settled by the end of 2026.
The proceeds from the sale will go towards repaying a total of PLN 180 million (USD 41m/EUR 38.7m) in project finance, the seller added. The remaining funds will be used to reduce the debt owed to shareholder DC24.
The negotiations with Engie Zielona Energia started in June and a binding offer was signed in November, Columbus said earlier.
