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MENAFN - ProactiveInvestors - Australia - 03/11/2012

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(MENAFN - ProactiveInvestors - Australia) CBD Energy (ASX:CBD) in a joint venture with Banco Santander has completed the purchase of the Taralga wind farm, paving the way for a 250 million development of 107 megawatt project.

CBD will now project manage the wind farm project and receive a development fee valued at 15 million including 10% retention of equity in the project. The cash portion and cost reimbursement totaled 7 million.

Separately, CBD is also negotiating the sale of its first Italian solar project to a UK institution for Euro 12.5 million. It also has a strong solar project pipeline that includes the construction of a 25 megawatt solar project in Italy valued at Euro 50 million; an extension of a Thai solar project constructed last year and a new project in the US.

CBD also plans to list in the NASDAQ early next year with F4 filings expected this December.

It expects board changes after merger with Westinghouse Solar. The changes will be effective at the time of being inducted into NASDAQ and will include the current chairman Mark Vaile retiring and Gerry McGowan becoming executive chairman. Robert F Kennedy is set to joing the board.

CBD also booked further impairments but hopes to return to profitability next year.

 






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