|
Viridis secures exclusive right to acquire interests in future clean energy projects
21 APRIL 2008- Viridis Clean Energy Group (“Viridis”) (ASX:VIR) today entered into an Exclusivity Deed with the newly
established Lighthouse Viridis Clean Energy Development Fund (“Development Fund”) under which
Viridis may acquire interests in clean energy projects from the Development Fund once they are
sufficiently advanced to meet the Viridis investment criteria.
The Development Fund is being established to invest in development projects utilising clean energy
fuels and technologies including wind, hydro, biomass, geothermal, solar, waste fuel, coal seam
methane and natural gas. It is an unlisted fund available to wholesale investors and is managed by
Lighthouse Clean Energy Management Pty Limited (“Lighthouse”) and Viridis Energy Capital Pty
Limited (“VEC”).
Under the terms of the Exclusivity Deed, Viridis has an exclusive right to acquire 50% of the
Development Fund’s ownership interests in each clean energy project developed by the
Development Fund. Viridis is under no obligation to acquire any projects from the Development
Fund and will decide whether to invest on a case-by-case basis applying its usual investment selection
process. The purchase right can be exercised within a defined period leading up to and immediately
following the successful commissioning of a project. The acquisition price will be confirmed by an
independent expert as a fair price.
Chief Executive Officer of VEC, Mr Edward Northam commented, “The establishment of the
Lighthouse Viridis Clean Energy Development Fund is an exciting new growth initiative developed in
response to growing sector demand for “experienced” development capital. The launch of the fund
ensures that we will be able to access attractive project investment opportunities across the entire
project lifecycle. The Exclusivity Deed with the Development Fund has the potential to significantly
strengthen Viridis’ acquisition pipeline by securing early stage access to well-managed project
investment opportunities on a basis consistent with Viridis’ stringent investment criteria. Viridis and
the Development Fund may also seek to co-invest in future opportunities, where appropriate.”
http://www.viridisenergy.com/
InvestorIdeas.com Disclaimer: Issuers of press releases are solely responsible for the accuracy of the content.
Would you like to see your news and articles here? GO>>
|
