(Alliance News) - Redelfi Spa announced Monday that it has signed a binding agreement to take over GPA Solution Srl from TZU Srl.

The acquisition, worth EUR300,000 and involving a 100% stake in the share capital of GPA, was made with the ultimate aim of implementing the stand-alone Battery Energy Storage System development activity in Italy as well, to ensure the achievement of the ambitious development target set out in the recently concluded agreement with the WRM Group.

GPA, through its subsidiary REC Storage Srl, a company incorporated in February, is currently engaged in the development of a pipeline of 1.2 GW of BESS plants.

The consideration for the acquisition has been set at EUR300,000 plus an earn-out that will be recognized in a number of 1.6 million newly issued Redelfi shares that TZU will be entitled to subscribe for in December 2028 at a price of EUR2 per share, or possibly, in a cash sum of EUR11.2 million if the value of Redelfi's stock as of Dec. 1, 2028 is higher than EUR9.2 per share.

Davide Sommariva, chairman of Redelfi, said, "The acquisition of GPA allows Redelfi to accelerate its development activity in the Italian market, bringing an articulated pipeline of projects that in part can be pooled in the joint venture with the WRM group and in part can be offered to third-party investors."

Redelfi's stock is up 4.3 percent at EUR4.15 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

Comments and questions to redazione@alliancenews.com

Copyright 2023 Alliance News IS Italian Service Ltd. All rights reserved.