Retail Supplier Sells One Of Its International Retail Energy Businesses

May 12, 2021

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Copyright 2010-21 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

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Genie Energy Ltd. has entered into and closed on an Equity Purchase Agreement with Hanhwa Q Cells Japan Co., Ltd. (“Hanhwa”) providing for the sale of the equity interests in Genie Japan to Hanhwa.

The sale was consummated on May 10, 2021.

Hanwha paid ¥570.0 million (equivalent to approximately $5.2 million on the closing date) and assumed the obligation to repay Genie Japan’s existing credit facility in an amount of approximately ¥150.0 million (equivalent to approximately $1.38 million on the closing date).

Genie had in March 2021 said that it was undertaking a strategic evaluation of its international investment businesses (see story here)

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