May 30, 2014 - REC Solar ASA's wholly owned subsidiary, REC Systems Italy S.R.L. in liquidation, entered during April 2014 into sale and purchase agreements ("SPA") for the sale of its seven solar roof-top projects in Piedmont, Italy. The roof-top portfolio comprises in total 4.5MW. The SPA is subject to confidentiality obligations and closing conditions.
The closing of the sale of five of the solar roof projects was executed on May 20, 2014 when REC Solar received the first installment of the purchase price for the five solar roof top projects. The remaining installments will be paid to REC Solar upon satisfaction of remaining closing conditions.
"These transactions mark another significant milestone for the disposal of REC Solar's Systems business in Europe. The achieved sales price is fair and reflects the current Italian solar PV project market. REC Solar's system business will after completion of the sale of the projects above, have ownership interests in solar parks in Mizil (Romania) and a 20% ownership in a solar fund in Italy. REC will continue to explore opportunities to maximize the sale price for the remaining assets", said Øyvind Hasaas, CEO REC Solar ASA.