Trading Emissions has sold its interest in EWG Slupsk Sp. z o.o. to Pakenham Sp. z o.o., a Polish special purpose vehicle owned and controlled by Winergy Last Mile Ltd.
EWG Slupsk is developing 98 wind turbines across 8 wind farm clusters located in Northern Poland with an expected final capacity of 253.5MW. The project has a grid connection agreement, land leases and has received all building and environmental permits and licences for construction of the wind turbine generators.
Trading Emissions will get €7m payable in cash and deferred amounts of between €15.4m and €19.1m receivable over a period of up to 48 months from signature and after debt financing has been arranged to fund the development of the project. The deferred amounts could exceed the minimum if the Buyer obtains certain financing conditions from banks and successfully amends certain building permits.
At 31 December 2013, the investment was valued at €6.8m.