3rd May 2016 08:42
LONDON (Alliance News) - Leaf Clean Energy Co said Tuesday said it has received the appraisers' assessments of the valuation of its investment in Invenergy Wind LLC, but said a third appraiser will need to be appointed before a put/call price can be determined for the sale of its interest.
Leaf owns a 2.3% stake in Invenergy, which develops, owns and operates wind power generation facilities in North America and Europe.
In December, Leaf initiated a process to purchase Leaf's interest in Invenergy through a call and Leaf also put the interest to Leaf. Two third-party appraisers were retained by Leaf and Invenergy respectively to assess the value of the assessment.
This came after Leaf filed a court complaint in the US against Invenergy seeking payment of USD126.0 million over allegations that Invenergy did not seek Leaf's consent for the sale of power generation facilities to TerraForm Power Inc.
On Tuesday, Leaf said it received the two appraisers' assessments of valuation which were USD73.1 million and USD36.4 million. As the assessments are more than 20% apart, a third appraiser will be jointly appointed and the average of the three appraisals will be used to determine the put/call price, Leaf added.
Leaf noted that the put/call process and the USD126.0 million complaint are not mutually exclusive, adding that the complaint is still in progress and "there are no material updates at this stage".
Shares in Leaf were down 1.5% at 39.00 pence on Tuesday.
By Hannah Boland; [email protected]; @Hannaheboland
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