Sky Solar Holdings, Ltd. Announces Agreements to Sell 23 MW of Solar Projects in Greece
February 02 2017 - 8:30AM
Agreements to Sell Interests in 23 MW of
Operating Solar Projects in Greece for EUR39.7 Million
Sky Solar Holdings, Ltd. (NASDAQ:SKYS) (“Sky Solar” or the
“Company”), a global developer, owner and operator of solar parks,
today announced that the Company entered into Share Purchase
Agreements with A.W. Aktina Wind Limited (the “Buyer”), a
non-affiliate of the Company. Pursuant to this agreement the Buyer
shall purchase all equity interest in 23.0 MW of solar projects
from Sky Solar’s wholly-owned subsidiaries in Greece (the
“Transaction Assets”) for a total purchase price of EUR39.7 million
(approximately $US43 million). The Buyer will pay EUR37.8 million
in cash and take on certain specified liabilities of EUR1.9 million
associated with the Transaction Assets.
Mr. Weili Su, Chief Executive Officer of Sky Solar,
commented, “We are very pleased to announce this transaction, which
represents our ongoing efforts to monetize certain solar project
assets to deploy in Sky Solar’s core growth areas. We remain
committed to expanding our presence in selected markets including
Japan and the U.S that offer the most attractive investment
returns. We look forward to cultivating more successful project
opportunities in the year ahead.”
The closing of this transaction is subject to
customary closing conditions. The parties are working diligently to
satisfy the conditions as quickly as possible.
About Sky Solar Holdings, Ltd.Sky
Solar is a global independent power producer (“IPP”) that develops,
owns and operates solar parks and generates revenue primarily by
selling electricity. Since its inception, Sky Solar has focused on
the downstream solar market and has developed projects in Asia,
South America, Europe, North America and Africa. The Company's
broad geographic reach and established presence across key solar
markets are significant differentiators that provide global
opportunities and mitigate country-specific risks. Sky Solar aims
to establish operations in select geographies with highly
attractive solar radiation, regulatory environments, power pricing,
land availability, financial access and overall power market
trends. As a result of its focus on the downstream photovoltaic
segment, Sky Solar is technology agnostic and is able to customize
its solar parks based on local environmental and regulatory
requirements. As of June 30, 2016, the Company had developed 276
solar parks with an aggregate capacity of 259.1 MW and owned and
operated 133.1 MW of solar parks.
Safe-Harbor StatementThis press
release contains forward-looking statements. These statements
constitute “forward-looking” statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, and as
defined in the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as “will,” “expects,” “anticipates,” “future,”
“intends,” “plans,” “believes,” “estimates” and similar statements.
Among other things, the quotations from management in this press
release and the Company's operations and business outlook contain
forward-looking statements. Such statements involve certain risks
and uncertainties that could cause actual results to differ
materially from those in the forward-looking statements. These
risks and uncertainties include, but are not limited to the
following: the reduction, modification or elimination of government
subsidies and economic incentives; global and local risks related
to economic, regulatory, social and political uncertainties;
resources we may need to familiarize ourselves with the regulatory
regimes, business practices, governmental requirements and industry
conditions as we enter into new markets; our ability to
successfully implement our on-going strategic review to unlock
shareholder value; global liquidity and the availability of
additional funding options; the delay between making significant
upfront investments in the Company's solar parks and receiving
revenue; expansion of the Company's business in the U.S. and into
China; risk associated with the Company's limited operating
history, especially with large-scale IPP solar parks; risk
associated with development or acquisition of additional attractive
IPP solar parks to grow the Company's project portfolio; and
competition. Further information regarding these and other risks is
included in Sky Solar's filings with the U.S. Securities and
Exchange Commission, including its annual report on Form 20-F.
Except as required by law, the Company does not undertake any
obligation to update any forward-looking statements, whether as a
result of new information, future events or otherwise.
For investor and media inquiries, please contact:
Sky Solar:
IR@skysolarholding.com
SKYS Investor Relations:
ICR, LLC
Vera Tang
(646) 277-1215
Vera.tang@icrinc.com
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