Fire has been a part of India’s landscape since time immemorial and can play a vital role in healthy forests, recycling nutrients, helping tree species regenerate, removing invasive weeds and pathogens, and maintaining habitat for some wildlife. Occasional... See More + Fire has been a part of India’s landscape since time immemorial and can play a vital role in healthy forests, recycling nutrients, helping tree species regenerate, removing invasive weeds and pathogens, and maintaining habitat for some wildlife. Occasional fires can also keep down fuel loads that feed larger, more destructive conflagrations, but as populations and demands on forest resources have grown, the cycle of fire has spun out of balance. Large areas of degraded forest are now subject to burning on an annual or semi-annual basis. As these fires are no longer beneficial to forest health, India is increasingly wrestling with how to improve the prevention and management of unwanted forest fires. India is not alone in facing this challenge. Forest fires have become an issue of global concern. In many other countries, wildfires are burning larger areas, and fire seasons are growing longer due to a warming climate (Jolly et al 2015). With growing populations in and around the edges of forests, more lives and property is now at risk from fire. About 670,000 km2 of forest land are burned each year on average (about 2 percent of the world’s forested areas (van Lierop et al 2015)), releasing billions of tons of CO2 into the atmosphere,1 while hundreds of thousands of people are believed to die due to illnesses caused by exposure to smoke from forest fires and other landscape fires (Johnston et al 2012). Tackling forest fires is even more imperative in India as the country has set ambitious policy goals for improving the sustainability of its forests. As part of the National Mission for Green India under India’s National Action Plan on Climate Change, the government has committed to increase forest and tree cover by 5 million hectares and to improve the quality of forest on another 5 million hectares. Relatedly, under its NDC, India has committed to bringing 33 percent of its geographical area under forest cover and to create additional sinks of 2.5 billion to 3 billion tons worth of CO2 stored in its forests by 2030. Yet, it is unclear whether India can achieve these goals if the prevention and management of forest fires is not improved. Field-verified data on the extent and severity of fires are lacking, and understanding of the longer-term impacts of forest fires on the health of India’s forests remains weak. The objective of this assessment is to strengthen knowledge on forest fires by documenting current management systems, identifying gaps in implementation, and making recommendations how these systems can be improved. See Less -
Global growth continued its 2017 momentum in early 2018. Global growth reached a stronger than- expected 3 percent in 2017 — a notable recovery from a post-crisis low of 2.4 percent in 2016. It is currently expected to peak at 3.1 percent in 2018. Recoveries... See More + Global growth continued its 2017 momentum in early 2018. Global growth reached a stronger than- expected 3 percent in 2017 — a notable recovery from a post-crisis low of 2.4 percent in 2016. It is currently expected to peak at 3.1 percent in 2018. Recoveries in investment, manufacturing, and trade continue as commodity-exporting developing economies benefit from firming commodity prices (Figure 1a). The improvement reflects a broad-based recovery in advanced economies, robust growth in commodity-importing Emerging Markets and Developing Economies (EMDEs), and an ongoing rebound in commodity exporters. Growth in China – and important trading partner for Russia – is expected to continue its gradual slowdown in 2018 following a stronger than-expected 6.9 percent in 2017. See Less -
Document also available in : English
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.
Oslo, 13 June 2018: Reference is made to the stock exchange announcement release from Scatec Solar ASA ("SSO" or the "Company") published earlier today regarding the contemplated private placement of new shares in the Company.
The Company has raised NOK 600 million in gross proceeds through a private placement consisting of 10,000,000 new shares (the "New Shares") at a price of NOK 60 per share (the "Private Placement").
The Private Placement took place through an accelerated bookbuilding process after close of markets yesterday. The Private Placement attracted strong interest from both existing shareholders as well as new high quality institutional investors.
The net proceeds from the Private Placement will be used to accelerate growth, including near term equity investments in large scale solar projects, beyond the 1.1 GW currently under construction. The company is in the process of securing additional projects and is expecting to start construction of several of these later in 2018.
The Company believes it is well positioned for further profitable growth going forward, which forms the background for carrying out the Private Placement and strengthening its equity capital. The board of directors of the Company has considered different transaction alternatives and concluded that the Private Placement structure would best attend to the common interest of the Company and its shareholders. Taking into consideration inter alia limited discount, size of placement, utilisation of market conditions, pre-announced and broadly marketed placement, transaction risk, costs, as well as dilution effects, the board of directors has, after thorough assessments found that there are sufficient and objective grounds for setting aside existing shareholders pre-emptive rights to subscribe for shares.
The New Shares will be issued based on a board authorisation given by the Annual General Meeting held 23 April 2018. The New Shares will be settled through a delivery versus payment transaction on a regular t+2 basis by delivery of existing and unencumbered shares in the Company that are already listed on the Oslo Stock Exchange pursuant to a share lending agreement between the Company, the Joint Bookrunners and Scatec AS.
Nordea Bank AB (publ), filial i Norge, Pareto Securities AS, Sparebank 1 Markets AS and ABN AMRO Bank N.V. acted as Joint Bookrunners in the Private Placement. Advokatfirmaet Selmer DA is acting as legal advisor for Scatec Solar ASA in connection with the Private Placement. Advokatfirmaet Thommessen AS is acting as legal advisor for the Joint Bookrunners in connection with the Private Placement.
For further information, please contact:
About Scatec Solar
Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable clean energy worldwide. A long- term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants and has an installation track record of 1,000 MW. The company is producing electricity from 322 MW of solar power plants in the Czech Republic, South Africa, Rwanda, Honduras and Jordan and has 1,092 MW under construction. With an established global presence and a significant project pipeline, the company is targeting a capacity of 3.5 GW in operation and under construction by end of 2021. Scatec Solar is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol 'SSO'. To learn more, visit www.scatecsolar.com
The contents of this announcement have been prepared by, and are the sole responsibility of, the Company. The Company's financial advisors are acting exclusively for the Company and no one else, and will not be responsible to anyone other than the Company for providing the protections afforded to their respective clients, or for advice in relation to the Private Placement, the contents of this announcement or any of the matters referred to herein. The Private Placement and the distribution of this announcement and other information in connection with the Private Placement may be restricted by law in certain jurisdictions. The Company assumes no responsibility in the event there is a violation by any person of such restrictions. Persons into whose possession this announcement or such other information should come are required to inform themselves about, and to observe, any such restrictions. This announcement may not be used for, or in connection with, and does not constitute, any offer of securities for sale in the United States or in any other jurisdiction.
The Private Placement has not been made in any jurisdiction or in any circumstances in which such offer or solicitation would be unlawful. This announcement is not for distribution, directly or indirectly in or into any jurisdiction in which it is unlawful to make any such offer or solicitation to such person or where prior registration or approval is required for that purpose. No steps have been taken or will be taken relating to the Private Placement in any jurisdiction in which such steps would be required. Neither the publication and/or delivery of this announcement shall under any circumstances imply that there has been no change in the affairs of the Company or that the information contained herein is correct as of any date subsequent to the earlier of the date hereof and any earlier specified date with respect to such information.
This announcement is not for publication or distribution, directly or indirectly, in the United States (including its territories and possessions, any state of the United States and the District of Columbia). This announcement does not constitute or form part of any offer or solicitation to purchase or subscribe for securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration. The shares to be issued in the Private Placement have not been and will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act") or with any securities regulatory authority of any state or other jurisdiction of the United States, and may not be offered or sold in the United States or to, or for the account of, U.S. persons (as such term is defined in Regulation S under the US Securities Act), except pursuant to an effective registration statement under, or an exemption from the registration requirements of, the US Securities Act. All offers and sales outside the United States will be made in reliance on Regulation S under the US Securities Act. There will be no public offer of securities in the United States.
This announcement does not constitute an offering circular or prospectus in connection with an offering of securities of the Company. Investors must neither accept any offer for, nor acquire, any securities to which this document refers, unless they do so on the basis of the information contained in the investor material made available by the Company only to qualified persons in certain jurisdictions where an offer may be made (if an offer is made). This announcement does not constitute an offer to sell or the solicitation of an offer to buy or subscribe for, any securities and cannot be relied on for any investment contract or decision.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
ALBANY, N.Y., June 12, 2018 (GLOBE NEWSWIRE) -- Common Energy today announced the launch of operations in New York’s Capital District. Common Energy’s platform enables virtually anyone to add clean energy to their existing electricity service and save on their energy in minutes.
"We are excited to help New Yorkers lower their carbon footprint and save money with clean energy," said Meredith Galante, Vice President of Outreach at Common Energy. "Through our website, homeowners and renters can add clean energy from a local project to their existing electricity service and lower their energy costs by simply providing their utility account number. There are approximately 500 openings for our first Capital District projects, and we invite interested parties to sign up at www.commonenergy.us!”
Common Energy operates under New York State’s Community Solar program, which is part of Governor Cuomo’s Reforming the Energy Vision (REV). Through this state-supported program, homeowners and renters can connect their existing electric utility accounts to local clean energy projects. Thanks to financial support from New York State, clean energy from these projects now costs less than energy from traditional fossil fuels. Common Energy is pleased to offer this program with both NYSEG and National Grid.
Common Energy also partners with businesses and organizations to enable them to reach their sustainability goals. “The Capital District is vibrant with public, private, and non-profit organizations,” said Malcolm Bliss, Common Energy’s Vice President of Partnerships. “Common Energy welcomes the opportunity to help them realize their green goals by reducing carbon emissions and strengthening the local economy.”
Scott Lomando, Common Energy’s Director of Customer Service, added: "We are thankful to the energy teams at Governor Cuomo’s office, NYSERDA, NYSEG and National Grid for their support of community solar programs. These programs expand the reach of clean energy, create new jobs, and will enable millions of people to join the clean energy revolution.”
About Common Energy
The empirical case for trade as an engine of growth has now been established on solid empirical grounds. There has been a protracted controversy in the literature on the econometrics of trade and growth. Nonetheless, most recent estimates suggest that... See More + The empirical case for trade as an engine of growth has now been established on solid empirical grounds. There has been a protracted controversy in the literature on the econometrics of trade and growth. Nonetheless, most recent estimates suggest that a major episode of liberalization provides a permanent boost in growth on the order of 1 to 2 percent. Concomitantly, and largely on practical grounds, most low- and middle-income countries, with very few exceptions, have substantially lowered their trade barriers, eliminating the most egregious forms of trade protection (tariff peaks, quantitative restrictions, and other command-and-control instruments). Yet, by all accounts, trade costs remain high. Using an approach that consists of inverting the gravity equation and inferring trade costs from the relative size of external versus internal trade, Arvis and others (2013) and Novy (2013) show that trade costs have failed to fall as much for low-income countries as they have for others, reinforcing their economic ‘remoteness.’ Several multilateral initiatives have been set up to help low- and middle-income countries low-income ones, to integrate better in world trade. For instance, the Aid-for-Trade initiative was launched in 2005 to help low-income countries to cope with their Uruguay Round commitments, which were, in turn, expected to improve their ability to draw benefits from World Trade Organization (WTO) membership. More recently, the Trade Facilitation Agreement (TFA) signed in December 2013 in Bali and entered into force in February 2017, was designed to help low and middle-income countries to focus on reducing non-tariff barriers (NTBs) to trade such as border delays, cumbersome regulations, and so on. The TFA is expected to focus governments’ attention on the various aspects of trade facilitation, including some that go beyond the written mandate of the TFA. Some of those aspects are technical issues of border management, such as reducing delays, computerizing customs transactions, and streamlining verification and payment procedures. Some others are more genuinely economic, such as streamlining NTBs and improving regulatory design through cost-benefit analysis. This volume discusses some of the analytical methods that can be used to accompany this process. Chapter two discusses the broad economic rationale for improving the design of NTMs. Chapter three illustrates the main forms of quantifying NTMs and their effects, including inventory approaches, price-based approaches, and quantity-based approaches. It also proposes a new analytical and measurable concept of regulatory distance to help in guiding deep integration efforts at the regional level. Chapter four discusses the effects of NTMs on household expenditures, poverty, and firm competitiveness. Chapter five illustrates how analysis of NTMs can be used to inform policy advice. Chapter six concludes. See Less -
Oslo, June 11, 2018: Scatec Solar has signed agreements securing two projects with capacity of 33 MW and 50 MW in the Cherkassy region of Ukraine.
The projects will be realized under the country's Feed-in-Tariff (FiT) scheme and the two plants are expected to produce about 106,000 MWh per year. Land will be leased for an extended time-period from the local municipalities and the plants are expected to deliver power also beyond the 10-year FiT period.
Total capex for the projects is estimated to EUR 85 million. The project finance process has been initiated with the European Bank of Reconstruction and Development (EBRD) in lead. Financial close and construction start is expected later in 2018 with commercial operation during 2019.
"We are very enthusiastic about securing our first two projects in Ukraine to our backlog, and we see it as a first step to develop a larger portfolio of solar power plants in the country. Ukraine is actively working to change their energy mix and increase the share of power supplied from renewables. We are very pleased to once again partner with EBRD to promote renewables and open a new market for solar", says CEO Raymond Carlsen.
Scatec Solar will be the lead equity investor in the projects and is targeting to secure additional equity partners for the projects. Scatec Solar will be the Engineering, Procurement and Construction (EPC) provider and provide Operation & Maintenance as well as Asset Management services to the power plants.
For further information, please contact:
About Scatec Solar
Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable clean energy worldwide. A long-term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants and has an installation track record of 1,000 MW.
The company is producing electricity from 322 MW of solar power plants in the Czech Republic, South Africa, Rwanda, Honduras and Jordan and has 1,092 MW under construction. With an established global presence and a significant project pipeline, the company is targeting a capacity of 3.5 GW in operation and under construction by end of 2021.
Scatec Solar is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol 'SSO'. To learn more, visit www.scatecsolar.com
Company Announcement 14 June 2018 at 11.00 a.m. (CEST)
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN PART, DIRECTLY OR INDIRECTLY, IN THE USA, AUSTRALIA, CANADA, HONG KONG, JAPAN, NEW ZEALAND, SINGAPORE OR SOUTH AFRICA OR ANY OTHER JURSIDICTION WHERE SUCH PUBLICATION OR DISTRIBUTION IS UNLAWFUL.
Savosolar arranges a rights issue of approximately EUR 3,5 million, publishes a prospectus and discloses information not previously published
Following the company announcement on 21 May 2018, the Board of Directors of Savosolar Plc ("Savosolar" or the "Company") has today decided to arrange a rights issue totalling approximately EUR 3.5 million (the "Offering") with additional warrants enabling the Company to raise up to a maximum of approximately 3.3 MEUR (the "Warrants"). The Company also releases new information regarding the capitalisation and indebtedness of the Company as per 31 March 2018.
- The offer shares will consist of a maximum of 174,332,080 new shares in the Company (the "Offer Shares"), representing approximately 57.1 per cent of the total number of the Company's shares outstanding after the Offering.
- Savosolar gives all its shareholders registered in Savosolar's shareholder register maintained by Euroclear Finland Oy ("Euroclear Finland") and Euroclear Sweden AB ("Euroclear Sweden") one (1) subscription right (the "Subscription Right") per each share held on the Offering record date. Three (3) Subscription Rights entitle the holder to subscribe for four (4) Offer Shares.
- The record date for the Offering is 18 June 2018 with the last day of trading including the Subscription Rights on 14 June 2018 and the first day of trading excluding the Subscription Rights on 15 June 2018.
- The subscription period for the Offer Shares (the "Subscription Period") commences on 21 June 2018 at 9:30 Finnish time (8:30 Swedish time), and ends on 10 July 2018 at 16:30 Finnish time (15:30 Swedish time) in Finland and on 6 July 2018 at 16:30 Finnish time (15:30 Swedish time) in Sweden, if the Board doesn't decide to extend the subscription period.
- The subscription price is EUR 0.02 or SEK 0.20 per Offer Share.
- Augment Partners AB ("Augment Partners") has been assigned to procure professional investors to the Company during the Subscription Period of the Offering in such a way that the investments through Augment Partners AB do not exceed a total of approximately EUR 0.9 million (the "Directed Issue"). The investors procured by Augment Partners primarily participate in the Offering and, if the Offering is subscribed in full, a separate share issue can additionally be directed to them with the same Subscription Price as in the Offering. The size of possible Directed Issue to investors procured by Augment Partners AB would be a maximum of 43,583,020 shares, corresponding to approximately 12.5 per cent of the total amount of outstanding shares in the Company after the Offering and the Directed Issue, assuming the Offering and Directed Issue is fully subscribed. The Board of Directors shall decide on a possible Directed Issue approximately on 13 July 2018, while resolving on approval of the subscriptions received in the Offering.
- In addition, Savosolar will issue Warrants free of charge to persons who subscribe for the Offer Shares in the Offering so that the subscriber, which the Board of Directors has approved, will receive one (1) Warrant per each two (2) subscribed and paid Offer Shares. Savosolar plans to offer the same possibility for investors who participate in the possible Directed Issue. Each Warrant gives its holder the right to subscribe for one (1) new share during 26 November 2018 - 10 December 2018. The share subscription price is determined by the volume weighted average price of the Company's share on First North Finland between 12 November 2018 and 23 November 2018, with an applied discount of 25 per cent. The subscription price, however, is at least EUR 0.02 and at most EUR 0.03 per share. The maximum amount of Warrants will be 87,166,040 if the Offering is subscribed in full, and 108,957,550, if both the Offering and Directed Issue are subscribed in full.
- The Company aims to raise approximately EUR 3.5 million before transaction costs with the Offering, if the Offering is subscribed in full, as well as approximately EUR 0.9 million, before transaction costs, in the Directed Issue if it is arranged and subscribed in full. With shares subscribed for based on the Warrants the Company can receive a maximum of approximately EUR 3.3 million if the maximum number of Warrants are issued and all Warrants are used for the subscription of shares at maximum subscription price of EUR 0.03 per share.
- The Company has received subscription commitments from existing shareholders and underwriting commitments from external investors for 80 per cent of the Offering. The underwriters have the right to receive their underwriting fee either in cash or in new shares by setting off their underwriting fee in a directed issue, which is possibly arranged after the Offering.
Information not previously published
On the page 65 in the prospectus, under "Capitalisation and indebtedness" the following can be read:
"The tables below present Savosolar's capitalisation and indebtedness as of 31 March 2018. The figures have been prepared specifically for the prospectus and are unaudited. The debts are interest-bearing if nothing else is mentioned.
|Equity and liabilities, EUR thousand||31 March 2018|
|Current interest bearing debt|
|Against guarantee or surety||40.0|
|Without guarantee/surety or collateral1||1,499.8|
|Total current interest bearing debt||1,632.2|
|Non-current interest bearing debt|
|Against guarantee or surety||20.0|
|Without guarantee/surety or collateral||0.0|
|Total non-current interest bearing debt||382.0|
|Total current and non-current interest bearing debt||2,014.2|
|Reserve for invested unrestricted equity||24,919.1|
|The period's result||-1,220.7|
|Net financial indebtedness, EUR thousand||31 March 2018|
|B) Other liquid funds||-|
|C) Marketable securities||-|
|D) Liquidity A+B+C||891.1|
|E) Current financial receivables||-|
|F) Current liabilities from financial institutions1||1,499.8|
|G) Current portion of non-current liabilities||132.4|
|H) Other current financial liabilities||-|
|I) Current financial liabilities F+G+H||1,632.2|
|J) Net current financial indebtedness I-E-D||741.1|
|K) Non-current liabilities from financial institutions||382.0|
|L) Issued bonds||-|
|M) Other non-current liabilities||-|
|N) Non-current financial liabilities K + L + M||382.0|
|O) Net financial indebtedness J+N||1,123.1|
1 The liabilities from financial institutions includes the R&D loan granted by Tekes (restructuring debt), amounting to EUR 68.5 thousand, which is non-interest bearing. Of the loan, EUR 68.5 thousand is shown in the balance sheet as short-term loans from financial institutions.
Reasons for the Offering and use of proceeds
Until recently, Denmark was the only active market in the segment for large solar collector fields and systems. Even though market analysts predicted that new markets both in Europe and elsewhere would be activating earlier, it was not until 2017 that Savosolar started seeing real activity in other markets. With Savosolar's award-winning products and due to the intensified sales actions in the past 18 months, the Company has, according to its information and assessments, been invited to almost all notable tenders in Europe, signing its first large-scale order outside Denmark and its largest order ever during the spring 2018. The first large-scale order outside Denmark, with a collector area exceeding 4,000 m2 to newHeat SAS will be the largest solar thermal field ever built in France and first in the world installed on a one-axis tracking system. The second order, with a total collector area of approximately 21,000 m2 to Grenaa Varmevaerk in Denmark, is worth approximately EUR 3.5 million and is the Company's largest order to date.
This means, that after many years of proving its technology to the market and signing orders on the competitive Danish market, Savosolar has finally been able to take a leap forward towards its vision of becoming the global first-choice supplier to high performance solar installations. While delivering to large collector fields in Europe as well as with strong partnerships around the world, e.g. in China, Latin America, Australia and Africa, the Company believes it is ready to take on the global market.
Due to the temporary downturn in the market the Company is in need for more working capital. The Company believes that the downturn in the market was due to the Danish government's delayed decisions of the terms concerning renewable energies and longer-than-expected processing times in other markets. The Company aims to raise approximately EUR 3.5 million through the Offering. If the Offering is fully subscribed, the Company expects to receive approximately EUR 3.0 million in net proceeds after transaction costs amounting to approximately EUR 0.5 million. In connection with the Offering, the Company also issues Warrants free of charge to investors who have subscribed for Offer Shares in the Offering. The Company may therefore additionally raise up to a maximum of approximately EUR 2.5 million in net proceeds, after deducting the estimated expenses for the subscriptions with Warrants payable by the Company, totalling approximately EUR 0.1 million.
The proceeds from the Offering and the Warrants will be used to secure the Company's working capital need of approximately EUR 4.5 million (including the repayment of capital and interest of the bridge loan financing of approximately EUR 0.3 million) so that the Company can deliver signed and potential upcoming orders in 2018-2019 and continue to streamline Savosolar's operations to match profitability targets and the increasing demand globally.
The Company is offering up to of 174,332,080 new shares in the Company for subscription primarily in accordance with the shareholders' preferential Subscription Right. The Offering is secured to 80 per cent.
Subscription locations of the Offering
The following function as subscription locations:
- In Finland, custodians and account operators and
Subscriptions in Sweden are also received by custodians and account operators who have an agreement with Aqurat Fondkommission AB regarding the reception of subscriptions.
Savosolar has prepared a prospectus relating to the Offering approved by the Finnish Financial Supervisory Authority on 14 June 2018. The official Finnish language version of the prospectus as well as its unofficial English language translation, including a Swedish summary, is available on Savosolar's website (http://www.savosolar.com) and Aqurat Fondkommission AB's website (www.aqurat.se) approximately as per 14 June 2018.
Planned timetable for the Offering
|15 June 2018||First day of trading excluding the Subscription Rights|
|18 June 2018||Record date for the Offering|
|21 June - 4 July 2018
21 June 2018
|Trading period for the Subscription Rights
Trading starts in temporary shares (BTA)
|21 June - 6 July 2018||The Subscription Period for the Offering in Sweden|
|21 June - 10 July 2018||The Subscription Period for the Offering in Finland|
|13 July 2018||Announcement of the outcome of the Offering|
|23 July 2018||Last day of trading in the temporary shares on First North Finland and Sweden|
|Week 31, 2018||First day of trading with the Warrants on First North Finland and Sweden (estimate)|
Augment Partners is acting as financial advisor to the Company in the Offering. Smartius Oy is acting as the legal adviser to the Company on aspects of the Offering related to the Finnish law.
For more information:
Managing Director Jari Varjotie
Phone: +358 400 419 734
This company announcement contains information that Savosolar Plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication by aforementioned contact person on 14 June 2018 at 11.00 a.m. (CEST).
Savosolar in brief
Savosolar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company's collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savosolar helps its customers to produce competitive clean energy. Savosolar's vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems - market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savosolar is known as the most innovative company in the business and aims to stay as such. The company has sold and delivered its products to 18 countries on four continents. Savosolar's shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH. www.savosolar.com.
The company's Certified Adviser is Augment Partners AB, phone: +46 8-505 65 172.
This release or the information contained therein shall not be distributed, directly or indirectly, in Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa or the United States. The information contained in this release do not constitute an offer of, or invitation to purchase any securities in any area, where offering, procurement of or selling such securities would be unlawful prior to registration or exemption from registration or any other approval required by the securities regulation in such area. This release is not an offer for sale of securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended, and the rules and regulations issued by virtue of it. Savosolar has not registered, and does not intend to register, any offering of securities in the United States. No actions have been taken to register the shares or the offering anywhere else than in Finland and Sweden.
The information contained herein shall not constitute an offer of, or invitation to purchase any securities in any jurisdiction. This release is not a prospectus and does not constitute any offer, invitation or investment advice to subscribe for or purchase securities. Investors should not subscribe for or purchase any securities or make any investment decisions referred to herein except on the basis of information contained in a prospectus issued by Savosolar.
Savosolar Plc Company Announcement 13 June 2018 at 8.00 a.m. (CEST)
RESOLUTIONS OF SAVOSOLAR PLC'S EXTRAORDINARY GENERAL MEETING
The Extraordinary General Meeting of Savosolar Plc was held on 12 June 2018 in Helsinki. A total of 24 shareholders as well as 3,891,001 shares and votes were represented in the meeting.
The Extraordinary General Meeting resolved on the following issues:
Authorizing the Board of Directors to decide on issuance of shares, options and other special rights
The General Meeting resolved in accordance with the proposal of the Board of Directors to authorize the Board of Directors to decide, in one or more transactions, on the issuance of shares and the issuance of options and other special rights entitling to shares referred to in Chapter 10 Section 1 of the Companies Act as follows:
The number of shares to be issued based on the authorization may in total amount to a maximum of 400,000,000 shares, representing approximately 305.93 per cent of the company's shares on the date of the notice and on the date of the meeting.
The Board of Directors decides on all the terms and conditions of the issuances of shares and of options and other special rights entitling to shares. The issuance of shares and of options and other special rights entitling to shares may be carried out in deviation from the shareholders' pre-emptive rights (directed issue), if there is a weighty financial reason for the company.
Shares may be conveyed either against payment or free of charge in the company's share issues. A directed share issue may be a share issue without payment only if there is an especially weighty reason for the same both for the company and in regard to the interests of all shareholders in the company.
The authorization replaces the authorization granted by the Annual General Meeting on 27 March 2018 to the Board of Directors to resolve on the issuance of shares and the issuance of options and other special rights entitling to shares referred to in Chapter 10 Section 1 of the Companies Act. The authorization shall be valid until 11 June 2023.
Board of Directors
For more information:
Managing Director Jari Varjotie
Phone: +358 400 419 734
This company announcement contains information that Savosolar Plc is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication on 13 June 2018 at 8.00 a.m. (CEST).
Savosolar in brief
Savosolar with its highly efficient collectors and large-scale solar thermal systems has taken solar thermal technology to the next level. The company's collectors are equipped with the patented nano-coated direct flow absorbers, and with this leading technology, Savosolar helps its customers to produce competitive clean energy. Savosolar's vision is to be the first-choice supplier to high performance solar installations on a global scale. Focus is on large-scale applications like district heating, industrial process heating and real estate systems - market segments with a big potential for rapid growth. The company primarily delivers complete systems from design to installation, using the best local partners. Savosolar is known as the most innovative company in the business and aims to stay as such. The company has sold and delivered its products to 17 countries on four continents. Savosolar's shares are listed on Nasdaq First North Sweden with the ticker SAVOS and on Nasdaq First North Finland with the ticker SAVOH. www.savosolar.com.
The company's Certified Adviser is Augment Partners, tel. +46 8 505 65 172.
US$ 135 million investment, largest debt financing in India, to facilitate development of approximately 200 MWs of Azure Roof Power projects.
Azure Power, a leading independent solar power producer in India, announced that it has tied up US$ 135 million, the largest solar rooftop debt financing in India, with a consortium of Development Finance Institutions. The proceeds will be used to finance approximately 200 MWs of Azure Power’s solar rooftop projects across India. The line of credit was led by International Finance Corporation, a member of the World Bank Group and attracted the participation of leading institutions, including FMO - the Dutch development bank, Société de Promotion et de Participation pour la Coopération Economique the French development finance institution, and Oesterreichische Entwicklungsbank AG (OeEB) – the development bank of Austria.
NEFCO and Danish company Better Energy have signed a loan agreement for the construction of Phase I of a 19 MW solar park in Western Ukraine. The total investment amounts to EUR 6.6 million.
The site is ready and the grid connection is prepared, and now a financing agreement has been signed by Nordic Environment Finance Corporation and Better Energy for Phase I of a 19 MW Better Energy solar PV park located in the Zhytomyr region in western Ukraine. The new park will be constructed in the southern part of Zhytomir oblast, east of Berdychiv, and the project is set to start delivering green electricity to the Ukrainian grid in 2018. The plan is to expand the Berdychiv solar park to 19 MW by the end of 2018.
This study combines firm-level data and data on politically exposed people to explore correlation between firms' political connectedness and their economic performance in Ukraine. First, it estimates the share of politically connected firms in Ukraine's... See More + This study combines firm-level data and data on politically exposed people to explore correlation between firms' political connectedness and their economic performance in Ukraine. First, it estimates the share of politically connected firms in Ukraine's economy. Second, the study looks at how different the performance of politically connected firms is from that of their nonconnected peers. The analysis finds that 2 percent of firms are politically connected, but they control over 20 percent of the total turnover and over 25 percent of the assets of all Ukrainian companies. Over the past two decades, politically connected firms used various channels to access economic rents: public procurement, subsidized loans, transfers from the budget, trade regulations that restrict imports, privileged access to state assets through privatizations, and beneficial tax regimes. There is a strong negative correlation between political connection and productivity. Politically connected firms are larger and employ more people, but they are less productive and grow slower in turnover and job creation. This may likely account for lower economic growth and less competitive economy. See Less -
Nepal suffered with severe shortage of electricity supply or load shedding in the last decade. Electricity load shedding is considered one of the major barriers to the country's economic development. This study uses a computable general equilibrium model... See More + Nepal suffered with severe shortage of electricity supply or load shedding in the last decade. Electricity load shedding is considered one of the major barriers to the country's economic development. This study uses a computable general equilibrium model to estimate the economic costs of electricity load shedding the country faced during 2008-16. The study shows that if there had been no load shedding, annual gross domestic product, on average, would have been almost 7 percent higher than it was during 2008-16. The worst effects of load shedding were on the investment environment. If there had been no load shedding, investment would have been 48 percent higher than it was. Although electricity load shedding has been reduced recently in the residential sector through better electricity load management and increased electricity production and imports, the industrial sector, one of the main sources of economic growth in the country, still faces load shedding. Unless the electricity load shedding is eliminated, Nepal will continue to suffer a heavy economic loss. See Less -