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Pacifico Renewables Yield AG / Key word(s): Disposal/Strategic Company Decision
Pacifico Renewables Yield AG: Agreements signed for disposal of Czech portfolio with total capacity of 7.5 MW
Gruenwald (July 8, 2022/21:50) – Today, Pacifico Renewables Yield AG (the “Group”, ISIN: DE000A2YN371, Duesseldorf Stock Exchange: PRY) through its subsidiaries signed four sale and purchase agreements to dispose of its Czech portfolio consisting of four solar parks with a total installed capacity of 7.5 MW. The four solar parks constitute the Group’s entire operating business activities in the Czech Republic.
The share purchase agreements are based on a combined enterprise value of the four plants of approximately €20 million, including senior project financing and leasing obligations. Closing of the transaction is subject to customary closing conditions and is expected to take place in a timely manner. The proceeds from the disposal of the Group’s Czech portfolio are intended to enable the acquisition of first projects in the United Kingdom and potentially the entry into the battery storage market.
On the occasion of the disposal, the management board lowers its revenue guidance for the financial year 2022 from between €33.0 and €43.0 million to between €30.0 and €40.0 million. This adjustment is based on (i) deducting the expected revenues of the Czech portfolio, (ii) group-wide year-to-date production in line with expectations combined with high electricity prices, (iii) the possibility of continued high electricity prices, (iv) no reinvestment of the disposal proceeds and (v) assuming no further acquisitions.
This announcement may contain certain forward-looking statements, estimates, opinions, and forecasts concerning the future business situation, earnings situation, and results of Pacifico Renewables Yield AG (“forward-looking statements”). Forward-looking statements can be identified by words such as "believe", "estimate", "anticipate", "expect", "intend", "will", or "should" and their negation and similar variations or comparable terminology. Forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current opinions, forecasts and assumptions of the management board of Pacifico Renewables Yield AG and involve significant known and unknown risks and uncertainties, therefore actual results, performance and events may differ materially from those expressed or implied by forward-looking statements. Forward-looking statements contained herein should not be construed as guarantees of future performance or results and are not necessarily reliable indicators of whether or not such results will be achieved. The forward-looking statements contained in this release are only valid on the date of this publication. Unless required by law, Pacifico Renewables Yield AG will not update the information, forward-looking statements or conclusions contained in this release in light of subsequent events or circumstances, nor will it reflect subsequent events or circumstances or correct inaccuracies that arise after the date of this release as a result of new information, future developments or otherwise, and the company does not assume any obligation to do so. The company does not assume any responsibility whatsoever that the forward-looking statements or assumptions contained herein will occur.
08-Jul-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Pacifico Renewables Yield AG
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