Nordic Financials ASA — M&A Activity 2022

Mar 16, 2022

Aega ASA signs binding offer for purchase of two solar parks

Aega ASA signs binding offer for purchase of two solar parks

16 March 2022

Aega ASA (Aega) has today signed a mutually binding offer for the acquisition of two solar parks in Italy with a total capacity of 2MW.

Following a successful technical and legal due diligence of the two solar parks, the terms for a mutually binding offer have been agreed and signed between the two parties. The solar parks have a capacity of 1MW each and are located at Sardinia and Sicily. Both parks have the same owner. If either of the parties chooses to withdraw from the deal, it would trigger a compensation clause.

“This is another important agreement for us as it will increase our installed capacity with approximately 30%, to 8.4MW. When this transaction is completed, we will be well on our way to reach the outspoken goal of 10MW at year end. In addition, the Sardinian solar park is located near our existing three parks on the island. Hence, we will own a cluster of solar parks on Sardinia. This is considered an operational advantage and the market value of the cluster is greater than sum of the parks. We are confident that both parks will deliver an internal rate of return (IRR) in line with Aega's current assets, and hence contribute to economies of scale for Aega” says Nils Petter Skaset, CEO of Aega.

Closing of the transaction will take place within June 30, 2022. Transaction details are yet not final, and Aega will revert with more information on or around the presentation of the annual report (April 29), or earlier if details are finalized.

“As communicated in the fourth quarter report from 2021 we see that our EBITDA-margin increases for each extra megawatt we acquire. This is because our cost does not increase in proportion with our revenues. The development is expected to continue and can be observed going forward”, Skaset concludes.

ENDS

For further information please contact:

Nils Petter Skaset, CEO of Aega ASA

Tel: +47 951 88 154, e-mail: ceo@aega.no

About AEGA

Aega ASA is a Norwegian listed investment company. The company focuses on

acquisitions of smaller existing solar parks in Italy. In addition to being an

industrial player in Italy, Aega also considers financial investments within the

renewable energy sector.