Transeastern Power Trust Acquires $40 Million Romanian Photovoltaic Solar Power Production Plants

Transeastern Power Trust acquired two photovoltaic solar power production plants in Romania for a gross purchase price of over $40 million and concurrent debt and equity financings valued at over $18 million.

The equity financing consisted of trust units and subscription receipts that converted into trust units and trust unit purchase warrants upon the closing of the solar company acquisitions. The equity financing was led by Sprott Inc. and affiliates with Jacob Securities Inc. acting as lead agent. The debt financing was a $5 million secured debt facility provided by Sprott Resource Lending Partnership. The solar company acquisitions were transformative for Transeastern, more than doubling its installed power production capacity.

Transeastern is an unincorporated open-ended limited purpose trust established under the laws of the Province of Ontario whose trust units trade on the TSX Venture Exchange under the symbol “TEP”. Transeastern seeks to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow to Transeastern and a suitable risk-adjusted return on investment, with a particular focus on solar and hydro power. Transeastern is a foreign asset income trust (known as a FAIT) and is the first European based renewable energy FAIT listed on a Canadian stock exchange.

A&B represented Transeastern with a team comprised of Richard Kimel, Rebecca Kacaba, Chris Berrigan, Graham Topa (Corporate Finance) and Aaron Collins (Financial Services).