Kerself Group reaches agreement on Fortesa

PRATO DI CORREGGIO, ITALY: Kerself S.p.A. has reached binding agreements with a Luxembourg fund owned by two important Swiss institutional investors, under which the fund is to take a shareholding in Fortesa S.p.A. through a share capital increase.

Consequently, Fortesa will be 85 percent held by the international fund, while the remaining 15 percent will be owned by Kerself as minority shareholder.

The fund will provide the equity for installation of 100 MW of photovoltaic fields, through a capital increase for an amount of approximately 70 million euro. Fortesa plans to install photovoltaic plants of 1 or more Megawatts each, for a total of 100 MW, mainly in the Italian regions of Puglia, Sicily and the Marches.

Kerself, which will be the sole EPC Contractor, will report additional revenues of more than 300 million euro next year. Installation of the first solar fields, deploying both fixed and tracker plants, began earlier this month.

”This binding agreement gives me great satisfaction,” said Kerself Chairman Masselli. “It enables Kerself to achieve a strong revenue improvement next year without any
significant impact on its net financial position and to build close ties with three of the main institutional investors in the renewable energy sector.”