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BRIEF-Fortum Divests Stake In India Solar Power Portfolio, Eyes New Projects

BRIEF-Fortum Divests Stake In India Solar Power Portfolio, Eyes New Projects

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* SAYS WILL SELL SHARE OF 185-MW INDIAN SOLAR PORTFOLIO – AIMING AT FURTHER SOLAR INVESTMENTS

* SAYS HAS SIGNED AN AGREEMENT TO SELL A 54% SHARE OF ITS SOLAR POWER COMPANY OPERATING FOUR SOLAR POWER PLANTS IN INDIA TO UK CLIMATE INVESTMENTS (40%) AND ELITE ALFRED BERG (14%)

* SAYS ELITE ALFRED BERG HAS OPTION TO BUY UP TO AN ADDITIONAL 16% FROM FORTUM

* SAYS TOTAL CONSIDERATION FROM DIVESTMENT OF 54% STAKE ON A DEBT AND CASH FREE BASIS, INCLUDING EFFECT OF DECONSOLIDATING FORTUM’S MINORITY PART OF NET DEBT, IS EXPECTED TO BE APPROXIMATELY EUR 150 MILLION

* SAYS POSITIVE IMPACT ON FORTUM’S RESULTS FROM SELLING PART OF SOLAR PORTFOLIO WILL BE APPROXIMATELY EUR 20 MILLION

* SAYS AIMS TO CONTINUE THE PARTNERSHIP ALSO FOR FUTURE SOLAR POWER PROJECTS

* SAYS THE ARRANGEMENT FREES UP CAPITAL FOR FURTHER INVESTMENTS AND ENABLES FORTUM TO CONTINUE TO UTILISE ITS KEY COMPETENCIES TO DEVELOP, CONSTRUCT AND OPERATE SOLAR POWER PLANTS IN INDIA Further company coverage: FORTUM.HE

Source: in.investing
Anand Gupta Editor - EQ Int'l Media Network

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