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 €33.0 – €43.0 million to €30.0 – €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.
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