Italy's Fintel signs closing accord to sell 60% in Energogreen

Nov 21, 2013 - Italian Fintel Energia Group (BIT:FTL), operating in the electricity, gas and renewable energy sectors, said on Wednesday it signed the closing agreement with SEL Srl to sell a 60% majority stake in its subsidiary Energogreen Srl, which owns a 5,190 kWp photovoltaic plant named Monte San Giusto Solar I, for some EUR 3.2 million (USD 4.3m).

The accord follows the signing of a binding offer from May 6, 2013, Fintel said in a statement.

Bolzano-based SEL Group is the main hydro power producer of South Tyrol and one of the largest in the region, the statement read. The company, which offers a complete range of energetic services, is owned by the the autonomous province of Bolzano with an interest of around 94%, while the remaining 6% is held by SELFIN Srl, a company owned by 102 municipalities of South Tyrol and by 4 local communities.

Fintel has developed renewable projects in photovoltaics, wind and small wind turbines plants with a total capacity of around 14 MW in Italy, of which 13 MW already in operation, and about 300 MW on wind power plants in Serbia, for which the design phase is now over and the authorisation process will be soon settled. The group has also submitted projects for the installation of four solar thermal power plants in Sardinia for a total power of 180 MW.

(EUR 1 = USD 1.343)

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