Enersense proceeds with the Megatuuli acquisition: preliminary agreement has been entered into with Megatuuli’s key project development partner relating to the condition precedent of the transaction

Enersense International Plc (“Enersense”), a provider of zero-emission energy solutions, announced on 20 December 2021 that it has signed an agreement on acquiring Megatuuli Oy (“Megatuuli”), an onshore wind farm developer company. 

As announced by Enersense, the acquisition of Megatuuli (the “Share Transaction”)  is conditional on, among other things, certain of Megatuuli’s project development partners issuing a waiver in relation to the change of control terms included in the agreements between Megatuuli and these parties in connection with the Share Transaction, as well as on renegotiating the duration and certain terms and conditions of the cooperation agreement with Megatuuli’s key project development partner. Enersense also announced that the negotiations on the aforesaid contract amendments have been initiated between Megatuuli, Enersense and the said project development partner.

Following the negotiations, Megatuuli has entered into a preliminary agreement with the said key project development partner which includes the parties’ mutual understanding of key terms and conditions of the cooperation agreement to be renegotiated. The purpose of the preliminary agreement is to contribute to the execution of the final cooperation agreement amendment and therefore also to the fulfilment of the condition precedent of the Share Transaction in this regard. In connection with the preliminary agreement, Enersense has issued an EUR 5 million deposit on behalf of Megatuuli to secure the execution of the final cooperation agreement amendment in accordance with the preliminary agreement. The deposit will expire in case the Share Transaction is not completed by 13 February 2022.

The key terms and conditions as well as condition precedents for the completion of the Share Transaction have been described in the stock exchange release published by Enersense on 20 December 2021. The Share Transaction is still expected to be completed during January 2022.