The transaction is valued at $18m and will be completed as an equity-based transaction with no issuance of debt or use of cash reserves.
The company is currently completing its due diligence on the individual assets, systems and operations as the first acquisition under Solar Energy Acquisition and Development Project.
The Solar Energy Acquisition and Development Project is said to be the first major acquisition and development project under the company’s New Energy Initiative, which calls for the aggressive investment in, acquisition of and development of nascent ‘New Energy’ technologies Intellectual Property assets and operations in the Clean Energy, Energy Smart Technologies and Carbon Capture & Storage sectors of the Energy Sector.
The company recently unveiled Phase II of its growth and acquisition strategy: the diversification and expansion of its current asset holdings with the launch of the ‘New Energy Initiative’.
