Enertronica sells proprietary solar plants in Namibia, consolidating Group’s BOT business

Enertronica, Italian company operating in the industry of renewables, energy saving, engineering and manufacturing of electro-mechanical systems, announces the sale of two photovoltaic plants under construction in Namibia, for a total 12MWp to a major corporation listed on New York Stock Exchange. Under the signed agreement, Enertronica Group will still retain both EPC (Engineering, Procurement and Construction) and subsequent Operation & Maintenance of the assets.
The deal confirms the Group’s latest, BOT-centered (BOT stands for Build, Operate and Transfer) strategic line focused on development, engineering, construction and eventually disposal of small-medium sized photovoltaic assets, mainly located in Africa and Latin America. All projects will be bundled with bank facilities or binding funding agreements and sold as a package.
The two Namibian assets were sold for about 2 million Euro, plus additional 14 million Euro coming from EPC contracts. In addition, full O&M contracts with a 5-year tenure will provide around 70K Euro per annum.
Other Group’s subsidiaries shall also benefit from the BOT model adopted by Enertronica, as the EPC contracts related to this agreement include a 1 million Euro supply of photovoltaic inverters from Elettronica Santerno (a subsidiary of Enertronica), a supply of trackers directly produced by Enertronica SpA, while EPC operations will be executed by Enertronica Construction Namibia.
All proceeds from asset disposal and from constructions will be accounted in 2017.