As partial payment for the Power Assets, it is expected that the vendors will subscribe for up to $5.8 million of units of Transeastern at a purchase price of $1 per unit.
The Trust has entered into two non-binding term sheets two photovoltaic solar power production plants in Romania from RG Renovatio Group Limited, the company said in its statement.
The plants are fully operational and have a total capacity of over 16 kWp. The plants have been in production for over two years and have performed consistently over that timeframe.
The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, has been formed to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment.
In June 2014, Transeastern bought 100 small hydropower plants in Romania, with a total capacity of 5.1 MW.
RG Renovatio Group was founded in 2005 and operate sin the renewable energy sector. It holds wind power assets totaling nearly 350 MW and solar capacities of around 20 MW.