(Alliance News) - Renergetica Spa announced Tuesday that it has signed an agreement to sell its subsidiary Renergetica Chile Spa to Exacto Spa, Renergetica's controlling shareholder with a stake of about 82 percent.

The total price of the transaction, taking into account the value of the investment recorded in Renergetica's balance sheet and the receivables due from the subsidiary, was EUR2.7 million.

"The sale of the Latin American business is a strategic choice dictated by the desire to seize the

growth opportunities both in terms of volume and marginality that are currently presented in the European and in particular the Italian market, not intending, however, to diminish the importance that the same has had for Renergetica's development, especially in the transition phase of the Italian market between the period characterized by incentives and the current one in grid parity," the company explains in a note.

The entry into the Chilean market took place in 2014, as part of the market diversification process undertaken with the establishment of Renergetica Chile. In contrast, it was in 2018 that Renergetica began the development of photovoltaic projects in Colombia.

The parent company Exacto made itself available to take over the management, also acquiring the

past financial receivables from Renergetica Chile while guaranteeing the payment of all trade receivables owed by Renergetica to all companies in the segment by December 31, 2025.

Renergetica on Tuesday closed in the green by 0.8 percent at EUR6.65 per share.

By Chiara Bruschi, Alliance News reporter

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