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Dublin firm buy half of Greek company

Friday, September 14 10:46:56

Dublin-based green energy group, Proventus Renewables, is to buy half of a Greek solar panel firm, ELITHERM, for an undisclosed sum, it said today.

It has signed of a Memorandum of Understanding (MoU) with ELITHERM, a Greece-based company involved in manufacturing and distribution of solar products, heating, hydraulic and air-conditioning products.

Under the MOU Proventus will acquire, subject to due diligence and valuation, 50pc of ELITHERM and the deal will allow Proventus Renewables to source high quality solar panel products for its solar farms under development at a competitive price, it said.

Emmanouil Kastanakis, President and CEO of ELITHERM, will join the Board of Proventus Energy Plc and will also act as the strategic consultant to the Board of Proventus Renewables Plc.

Proventus Renewables plans to meet its own requirements for the solar panels from the production at ELITHERM, it said.

It is estimated that, given the current production capacity, ELITHERM will have to operate on full capacity for next 8-9 years to meet the project requirements within the group.

Mr. Kastankis has been the President of STIBETHERM SA (former Stiebel Eltron Hellas) and has been involved in production and the marketing of solar energy systems for over 25 years.

Mr. Kastankis has been a Board member of the Federation of Industries of Northern Greece ("FING") for over nine years including holding the position as Coordinator of Energy on the FING committee.

Today's news follows on from the Company's MoU signed with OMEGA MG in July 2012 which will see an initial plan to develop 17 projects for the production of electricity from renewable energy sources, totalling 421.2 MW installed capacity in Greece.

Commenting on the today's announcement, Todor V Todorov, CEO of Proventus Renewables, said: "Our aim is to become a leading company within the international renewable energy sector, focussed on creating long-term, progressive value for shareholders. The Board believes today's MoU with ELITHERM will enhance Proventus Renewables' competitive advantage in Greece, as a result of higher quality installations and lower cost of implementation of projects."