News Article
Genesis Seeks New Beginning
Genesis Energy receives a letter of intent from a US investor for an US $42 million investment.
Genesis Energy Investment, a specialist in thin-film solar panel production, which due to the worldwide financial turmoil and inability to monetize and recover significant financial assets and receivables from related parties in a timely manner has been experiencing delays in closing its financing for the first factory and the further development of its two other planned locations, announced today that it has received a Letter of Intent from an US investor to inject US Dollar 42 million into their wholly owned Spanish subsidiary, Genesis Solar España S.L.
The proposed investment is contingent to completion of all financing activities of the US investor and a to be approved equity swap, whereby Genesis Energy Investment PLC acquires a stake in the US company in return for 100 percent of its Spanish subsidiary. The capital influx would give the green light to the completion of the production facility in El Puerto de Santa Maria, Cadiz, Spain, for the large-scale manufacture of thin-film solar panels. The move would complete the equity requirement of the Spanish regional and national governments, and thus enabling the entity to start execution and also access the committed Euro 20 Million in grants.
The offer is currently under evaluation by the Board of Directors of Genesis Energy Investment PLC. An announcement will be made upon conclusive review as to whether the offer will receive their recommendation when put before the upcoming shareholder meeting in April 2009.
The proposed investment is contingent to completion of all financing activities of the US investor and a to be approved equity swap, whereby Genesis Energy Investment PLC acquires a stake in the US company in return for 100 percent of its Spanish subsidiary. The capital influx would give the green light to the completion of the production facility in El Puerto de Santa Maria, Cadiz, Spain, for the large-scale manufacture of thin-film solar panels. The move would complete the equity requirement of the Spanish regional and national governments, and thus enabling the entity to start execution and also access the committed Euro 20 Million in grants.
The offer is currently under evaluation by the Board of Directors of Genesis Energy Investment PLC. An announcement will be made upon conclusive review as to whether the offer will receive their recommendation when put before the upcoming shareholder meeting in April 2009.