Canadian independent power producer Etrion Corp has signed an agreement to sell its 60MW Italian solar portfolio to Ultor, a joint venture between Enel Green Power and Fondo Italiano per le Infrastrutture.
The deal is priced at an initial cash consideration of €78m and the assumption of related project-level debt of €221m.
There are also potential additional cash earn-out payments of up to €24m depending on the outcome of certain legal and regulatory proceedings.
The portfolio, which is spread across 17 sites, is 100% owned by Etrion.
The company is also the asset manager at the project.
This agreement is subject to certain conditions precedent with the parties having the ability to close the purchase and sale of each group of assets at different times.
The closings are expected to take place between December 2016 and January 2017.
Etrion intends to use the sale proceeds to advance its solar development activities in Japan and to repay a portion of its outstanding corporate bonds.
Image: Etrion
