(Alliance News) - algoWatt Spa announced Tuesday that its subsidiary TerniEnergia Progetti Srl has received a resolution to activate a factoring agreement, for a maximum of EUR2.5 million, from Generalfinance Spa, in order to provide adequate financial support to the company.

Generalfinance joins as a financial partner of TerniEnergia Progetti, putting at the service of the company new factoring solutions, in order to enable the acquisition of large orders in the photovoltaic sector, so as to significantly increase the subsidiary's turnover volumes and optimize the financial cycle related to the orders in the order book.

The objectives also include making commitments to the parent company algowatt for the lease of the EPC and photovoltaic O&M business more sustainable, in the context of the initiated restructuring scenario.

The stock of algoWatt is flat at EUR1.03 per share while Generalfinance gives up 2.9 percent to EUR10.10 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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