Italian KREnergy, Italbrevetti start talks on geothermal project

Nov 14, 2013 - Italian renewable energy company KREnergy SpA (BIT:KRE) said on Wednesday it launched exclusive talks with Italbrevetti Srl, a leader in the renewables sector in Italy, to evaluate the possible acquisition of a project for power generation from geothermal sources.

It is a transaction of related parties since Italbrevetti is indirectly controlled by Marco Marenco, who is also KREnergy's majority shareholder with 58.07% of the capital, a statement read. KREnergy's control and risk committee is called to give its opinion on the deal, as envisaged by the company's procedure on transactions of related parties.

Following the launch of the exclusive talks, KREnergy transferred EUR 300,000 (USD 404,064) to Italbrevetti, which will keep the sum until the signing of the final accords between the parties.

(EUR 1 = USD 1.347)

Choose your newsletter by Renewables Now. Join for free!