Transeastern Power Trust announces acquisition of 45 MW operating wind farm

Transeastern Power Trust (“Transeastern” or the “Trust”) is pleased to announce that it has signed a binding agreement with OMV Petrom for the acquisition of OMV Petrom Wind Power SRL operating a 45 MW wind farm located in the Dobrogea Region, Romania (the “Dorobantu Wind Project”).
The Dorobantu Wind Project is equipped with 15 Vestas-V90 turbines, each with a capacity of 3 MW. The construction of the Dorobantu Wind Project commenced in the second half of 2010 and was finalized in July 2011; commercial operations started on October 1st, 2011. In 2016, the Dorobantu Wind Project generated a net electrical output of 83,867 MWh.

The net purchase price of the Dorobantu Wind Project is EUR23.0 million. Closing of the acquisition is subject to various conditions precedent. The Trust will be proceeding with finalizing the related financings. Assuming all necessary conditions are met, the Trust anticipates that the acquisition will close before the end of 2017. AcAp Advisory was the sole financial advisor to Transeastern.

Mr. J. Colter Eadie, Chief Executive Officer of Transeastern, commented: “We are pleased to have signed the acquisition agreement with OMV Petrom for the Dorobantu Wind Project. Upon completion, this acquisition will represent a major milestone for Transeastern. This operation, which will be our largest acquisition to date, has six years of consistent operating performance and will approximately double our power production capacity, forecast revenues, and operating margin. We look forward to continuing to expand the portfolio of energy assets of the Trust noting that, with this acquisition, we will have increased Transeastern’s overall generation capacity by more than tenfold since the Trust’s initial public offering just three years ago.”

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