SkartaNYAB Plc has started the process of establishing a joint venture for the development of renewable energy projects (inside information)

10.11.2022 15:50:12 EET | SkartaNYAB Oyj | Company Announcement

Potential transaction is targeted to be closed by the end of 2022, and it would have a significant positive impact to SkartaNYAB’s EBITA for this fiscal year

SkartaNYAB Plc
COMPANY ANNOUNCEMENT
10 November 2022 at 15:50

SkartaNYAB Plc has started the process of establishing a joint venture for the development of renewable energy projects (inside information)

Potential transaction is targeted to be closed by the end of 2022, and it would have a significant positive impact to SkartaNYAB’s EBITA for this fiscal year

SkartaNYAB Plc and CapMan Nordic Infrastructure II fund have signed a Memorandum of Understanding (MoU) on 10 November 2022, where the parties have expressed their intent to enter into a partnership for the purposes of developing, owning and operating solar and other renewable energy projects. In the contemplated transaction, parties would establish a joint venture, of which the fund would own 60% and SkartaNYAB 40%.

The joint venture would acquire all shares in SkartaNYAB Group company Skarta Energy Ltd. Due diligence reviews regarding Skarta Energy are at the finalization phase, and the signing of binding transaction documents and closing of the transaction are targeted to take place by the end of 2022.

In the MoU, Skarta Energy’s preliminary cash and debt-free valuation has been agreed to be 22 million euros. Transaction would have a significant positive impact on SkartaNYAB’s EBITA. Preliminary estimate of the positive impact on profit is in the region of 20 million euros. Detailed estimate of profit and cash flow impact will be provided in connection with signing the transaction documents.

Parties have also agreed in the MoU that SkartaNYAB would be the joint venture’s preferred partner for future engineering, procurement, and construction contracts. Initial business plan of the joint venture indicates the construction of more than 500 MW of operational renewable energy assets in the coming five years.

Contacts

• Johan Larsson, CEO, SkartaNYAB Oyj, [phone], [e-mail]

About SkartaNYAB Oyj

SkartaNYAB is a builder of a clean future with decades of experience in complex and demanding projects. We are enabling green transition in the Nordics by providing engineering, construction, and maintenance services to public and private sector clients regarding the construction of renewable energy and sustainable infrastructure. SkartaNYAB is headquartered in Oulu and it has more than 300 employees at different locations in Finland and Sweden.

SkartaNYAB Plc's Certified Adviser is Augment Partners AB, [e-mail], phone [phone].

Attachments

• Download announcement as PDF.pdf

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