DGAP-Adhoc: Edisun Power: Portfolio rationalization with divestment of small Swiss photovoltaic installations
Edisun Power Europe AG / Key word(s): Disposal
15.08.2013 19:00
Release of an ad hoc announcement pursuant to Art. 53 KR
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At the end of February 2013, Edisun Power announced a comprehensive
business realignment. While the reduction in share capital has already been
achieved, further important cost reduction measures, such as for example
the conversion of accounting standards from IFRS to Swiss GAAP FER, have
begun and are on course.
With respect to optimization of the business portfolio, Edisun Power has
been able to find buyers for the small photovoltaic installations in
Switzerland and the contracts to sell these were signed with two buyers on
15 August 2013.
The Allgemeine Baugenossenschaft Zürich (ABZ) is taking over seven
installations with a total capacity of 414 kW, effective retroactively from
1 July 2013. These installations are situated on the rooftops of ABZ
housing developments in Zurich city. As of 31 December 2013, ownership of a
portfolio of 32 installations with a total capacity of 1.26 megawatts (MW)
will be transferred to BE Netz AG of Lucerne. The sale of these
installations has been designed as a 'share deal': BE Netz AG will take
over Edisun Power Ltd., a Swiss subsidiary of Edisun Power Europe Ltd., and
will run the business under the name BE Netz Energie AG. The nine largest
Swiss installations remain within the Edisun Power Group. The seller and
buyers have entered into a confidentiality agreement regarding the sale
price.
As a result of the sale of these assets, by the end of 2013 Edisun Power
Group's portfolio will include 33 installations with a total capacity of
13.2 MW, compared with 72 installations and a capacity of 14.9 MW in
mid-2013. Based on 2012, annual revenue will be reduced by approximately
CHF 1 million, or 13%. Among other things, the proceeds will be used for
the early repayment of the two bonds (term 2004-2014) of CHF 2.015 million
(interest rate 4%) and EUR 0.450 million (interest rate 5%) per 30 November
2013.
Contact:
Rainer Isenrich, CEO/CFO, Edisun Power Europe Ltd., Tel. 044 266 61 20,
E-Mail: info@edisunpower.com
Giatgen Peder Fontana, Chairman of the Board of Directors, Edisun Power
Europe Ltd., Tel. 044 266 61 20, E-Mail: info@edisunpower.com
Adrian Kottman, General Manager, BE Netz Ltd., Tel. 041 319 00 00, E-Mail:
adrian.kottmann@benetz.ch
Martin Stocker, Managing Director, Allgemeine Baugenossenschaft Zürich
(ABZ), Tel. 044 455 57 20, E-Mail: m.stocker@abz.ch
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Information and Explaination of the Issuer to this News:
Edisun Power Group
A listed European solar energy producer, the Edisun Power Group finances
and operates solar power installations in a number of European countries.
Edisun Power Ltd. began its involvement in this sector as far back as 1997.
The company has been listed in the Main Segment of the SIX Swiss Exchange
since September 2008. Edisun Power has been able to grow continuously over
the years, and the company has amassed wide experience in the realization
of both national and international projects. Following rationalization of
its business portfolio, Edisun Power Europe Ltd. will own a total of 33
solar energy installations in Switzerland, Germany, Spain and France, with
a total capacity of 13.2 MW.
BE Netz AG
BE Netz AG specializes in electricity and heat from the sun. The company's
offering includes engineering services and the planning and installation of
photovoltaic and solar thermal systems as well as heating systems that use
renewable energy sources. Today, BE Netz AG employs 50 people and has
already completed more than 1,300 solar projects. With 20 years of
experience in the industry, BE Netz focuses on the monitoring, service and
maintenance of photovoltaic systems and upgrades its own solar energy park
continuously. With the acquisition of the 32 installations with a total
capacity of 1.26 MW, BE Netz AG of Lucerne will become the biggest investor
in the solar energy industry in central Switzerland.
Allgemeine Baugenossenschaft Zürich (ABZ)
ABZ is the largest non-profit housing cooperative in Switzerland. Its
portfolio includes approximately 4,700 apartments, spread across about 60
developments around the city and region of Zurich. Since 1916, ABZ has left
its mark on the cityscape with its diverse and pioneering residential
buildings. Annual revenue amounts to more than CHF 61 million. ABZ stands
for socially, ecologically and economically sustainable living and
construction, and is committed to fostering vibrant residential areas.
15.08.2013 News transmitted by EQS Schweiz AG.
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Language: English
Company: Edisun Power Europe AG
Universitätsstrasse 51
8006 Zürich
Switzerland
Phone: +41 44 266 61 20
Fax: +41 44 266 61 22
E-mail: info@edisunpower.com
Internet: www.edisunpower.com
ISIN: CH0024736404
Valor: A0KFH3
Listed: SIX
End of Announcement EQS Group News-Service
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