14/09/2017 12:14:16

Sale of the Danish wind portfolio

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Company Announcement No. 11/2017

Copenhagen, 14 September 2017

 

Today, Greentech Energy Systems A/S (“Greentech”) signed an agreement for the sale of its Danish wind portfolio to Wind Estate A/S.

As announced in the Interim Financial Report for H1 2017, the Management of Greentech has been pursuing opportunities for the disposal of the Company’s Danish assets. In continuation hereof, Greentech today signed an agreement for the sale of its Danish wind portfolio to Wind Estate A/S, an energy company which owns, develops, constructs, operates and maintains own wind farms in Denmark for a total installed capacity of more than 200 MW.

The wind portfolio is composed of four wind farms located in Milbakken, Oppelstrup, Hannesborg and Frørup with a total net capacity of 15.5 MW and commissioned in 2000/2001.

The total transaction price for the four wind farms amounts to DKK 24,400,000 (approx. EUR 3.3M).

After the satisfaction of some conditions precedent, Greentech expects to complete the transaction in Q4 2017.

Greentech’s Chairman Peter Høstgaard-Jensen comments: “The sale of the four Danish wind farms represents the continuation of Greentech’s re-positioning strategy, started in 2015, with “portfolio rotation” as one of the Company’s strategic key pillars. This

gives Greentech the possibility of reinvesting the equity in profitable and accretive assets”.

The Board of Directors

For further information, please contact:

Peter Høstgaard-Jensen, Chairman of the Board of Directors, Tel: +45 40 10 88 71

Alessandro Reitelli, CEO, Tel: +45 33 36 42 02

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