TerniEnergia, smart energy company active in the fields of renewable energy, energy efficiency, waste and energy management, listed on the Star segment of the Italian Stock Exchange and part of Italeaf Group, as part of its international development strategy, finalized the establishment in Abu Dhabi of the company TerniErgia Middle East Power LLC under the UAE regulations, 51% owned by Khalid Al Hamed Group LLC and 49% by TerniEnergia, which will operate in the Middle East and the Gulf Cooperation Council (GCC), with registered capital of 150 thousand Dirhams.
Stefano Neri, Chairman and Ceo of TerniEnergia stated as follows:
“With the signing of the shareholders agreement between TerniEnergia and Al Hamed Group, we are taking a further step in the internationalization path of the Group. TerniEnergia aims to do this because of the targets of the business plan, that we will engage us in the development of important industrial activities abroad. We believe that business development in high-growth areas such as the Gulf and the Emirates, will be a major opportunity to strengthen the market position and maximize the prospects of value creation of the Group”.
In particular, TerniEnergia and Al Hamed Group have signed a shareholders’ agreement which governs the operation of the company, subject to a strategic agreement already signed by the parties and communicated to the market on 29 April 2014. TerniErgia Middle East Power LLC have a Borad of Directors composed of two members in the persons of the Chairman and CEO Khalid Al Hamed Group LLC, Sheikh Khalid Bin Ahmed Al Hamed, and the Chairman and CEO of TerniEnergia, Stefano Neri. The profits from the activity of the company will be divided according to the following distribution: 75% to TerniEnergia and 25% to Khalid Al Hamed Group LLC.
The partnership between the two Groups, will see Khalid Al Hamed Group LLC engaged primarily in the management of relationships with government authorities in the area, in facilitating the authorization processes, in the acquisition of requirements and support in negotiations with financial partners and with the banking institutions to support the business development, and TerniEnergia with responsibility for management of the operational activities and the industrial sites. Through this management model, the parties aim to combine and enhance the know-how and technological expertise in the field of renewable energy and environmental industry of TerniEnergia with the financial capacity and business development skills of Al Hamed Group, allowing to TerniErgia Middle East Power LLC a rapid growth process.