August 15, 2013 - At the end of February 2013, Edisun Power announced a comprehensive business realignment. While the reduction in share capital has already been achieved, further important cost reduction measures, such as for example the conversion of accounting standards from IFRS to Swiss GAAP FER, have begun and are on course. With respect to optimization of the business portfolio, Edisun Power has been able to find buyers for the small photovoltaic installations in Switzerland and the contracts to sell these were signed with two buyers on 15 August 2013.
The Allgemeine Baugenossenschaft Zürich (ABZ) is taking over seven installations with a total capacity of 414KW, effective retroactively from 1 July 2013. As of 31 December 2013, ownership of a portfolio of 32 installations with a total capacity of 1.26 megawatts (MW) will be transferred to BE Netz AG of Lucerne. The sale of these installations has been designed as a "share deal": BE Netz AG will take over Edisun Power Ltd., a Swiss subsidiary of Edisun Power Europe Ltd., and will run the business under the name BE Netz Energie AG. The nine Swiss installations remain within the Edisun Power Group. The seller and buyers have entered into a confidentiality agreement regarding the sale price.
As a result of the sale of these assets, by the end of 2013 Edisun Power Group's portfolio will include 33 installations with a total capacity of 13.2MW, compared with 72 installations and a capacity of 14.9MW in mid-2013. Based on 2012, annual revenue will be reduced by approximately CHF 1 million, or 13%. Among other things, the proceeds will be used for the early repayment of the two bonds (term 2004-2014) of CHF 2.015 million (interest rate 4%) and EUR 0.450 million (interest rate 5%) per 30 November 2013.