05|10|2009

Genesis Energy increases capital to enable sale of company to North American group Cogenco

The Hungarian company heading the project, Genesis Energy Investment, has reached a preliminary agreement with US investment group Cogenco International for them to take over Genesis’s Spanish subsidiary, Génesis Solar España, the company promoting the thin-film solar panel manufacturing plant to be located in the Tecnobahia industrial park in El Puerto (Jaén).

The company, included in the Bahia re-industrialization plan, has scheduled an investment worth at least 150 million euros and the creation of a hundred jobs in its first implementation phase. In order to complete the operation, Cogenco is negotiating a capital increase of 50 million euros to accommodate Genesis Energy on its board of directors.

The Hungarian company has in turn closed the share issue announced in July, having raised 2.5 million euros. This condition was defined by Genesis Energy on the 10th of July as an essential stipulation for the sale of the company to the US investment group Cogenco International.

Genesis announced that its Spanish subsidiary had accepted offers from two Spanish and two foreign companies for the construction of the solar panel factory. If the capital increase of Cogenco International is a success, work could begin in December and be concluded 18 months later.