KARATZIS S.A. informs investors that it has bought out the company “LUSTROUS LIMITED & Co. S.A.”, which has a license to produce electricity from a 5.5 MW photovoltaic power station, in a leased area of land of approximately 38 acres, in the area Koukos of the Municipality of Katerini.
The consideration of the buyout for the acquisition of 99% of the aforementioned company was 1.9 million euro, and was paid with KARATZIS S.A. equity. Mr. Antonios Karatzis, main shareholder and CEO of KARATZIS S.A., acquired 0.5%, and Ms. Maria Karatzi, main shareholder and Deputy CEO of KARATZIS S.A., also acquired 0.5%.
After the amendment of its articles of associations, the bought out company was renamed “KARATZIS INDUSTRIAL AND HOTEL BUSINESSES S.A. AND Co. LP”, with the distinctive title “KARATZIS ENERGEIAKI”, while KARATZIS S.A. became its general partner.
The licensing and execution of an electricity sale agreement with the Hellenic Transmission System Operator S.A. (HTSO) have been completed, and the photovoltaic power station is expected to be brought into operation in the first months of 2012. The construction cost is budgeted at 13.5 million euro, and the estimated annual proceeds are 3 million euro. It si also announced that KARATZIS S.A. has acquired one more license to produce electricity from a 2 MW photovoltaic power station in the area of Thebes. The licensing will be completed and the electricity sale agreement with the HTSO will be executed in 2011.
As known, KARATZIS S.A. has already constructed three photovoltaic power stations, of total power of 240 MW, in the Prefecture of Heraklion, while, in the 2nd semester of 2011, a 1 MW photovoltaic power station in the Prefecture of Larisa, and three photovoltaic power stations, of total power of 5 MW, in the Prefecture of Viotia, will be brought into operation.
Following the above, KARATZIS Group holds licenses to produce electricity from photovoltaic power stations of total power of 13.74 MW.