(Alliance News) - Renergetica Spa has announced that its board has proposed to its subsidiary Zaon Srl to increase its capital to allow Exacto Spa and Flame SA to join the company.

Specifically, the capital increase will amount to a nominal EUR100,000, with a premium of EUR2.9 million, for a total contribution of EUR3 million, which will be partly subscribed by Renergetica itself for EUR2,000 and equally by Exacto and Flame, both for a nominal share of EUR49,000. Thus, once the transaction is executed, each of the two new shareholders will hold 24.5 percent of Zaon's capital, while Renergetica, holder of the remaining 51 percent, will retain legal control of the company.

Exacto and Flame have agreed to provide, on an equal basis, additional financial resources by way of shareholder financing for a total investment of up to EUR10 million to enable Zaon to acquire and build new photovoltaic plants.

Renergetica will thus enter the small/medium sized photovoltaic market - up to 5 MWp - while the first transaction expected to be carried out by Zaon in the new shareholding structure concerns the purchase from Renergetica of 100% of the share capital of Ren 174 Srl, a special purpose company currently holding the unique authorization for the construction and operation of a 2.415 MWp photovoltaic plant to be built in the province of Biella.

Renergetica's stock is in the green by 1.7 percent at EUR6.52 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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