Trading Emissions still awaiting cash from Italy solar sale

Trading Emissions updated the market on the sale of a further portion of its Italian solar portfolio to a member of the Sonnedix group on Wednesday, having initially announced the proposed transaction on 31 July.

The AIM-traded firm said the aggregate net proceeds from the sale, after allowing for transaction and other costs, were estimated to be in the order of €3m..

“Although no new escrow arrangement is required, certain claims following the sale may be made against the sums that were placed in escrow pursuant to the sales of other TEPS assets to Sonnedix announced on 2 September 2016 and 15 December 2016,” the Trading Emissions board said in a statement.

“Of the €3m currently held in escrow, €1m will be released on 14 December and the remaining €2m will be released on 14 December 2018, subject to no claims having been received pursuant to indemnities provided by TEPS.

“To date, there have been no claims against the amounts held in escrow,” the board confirmed.

The company described Sonnedix as an independent solar power producer with plants at various stages of maturity located globally.