Jade Power Trust has completed the sale of its Vistea (Suha) hydro project to an undisclosed buyer.
The company described the hydropower project – which ceased operations in 2018 – as a money losing operation and a cash and management drain in a statement. It has been sold for an undisclosed amount, but the company did say it was equal to 20% of the annual free cash, if any, generated by the hydro project for a period of five years.
“The savings [from the sale] will be better utilized in the Trust’s ongoing operations and allows us to better focus management time on positive cash flow and revenue generating assets with long-term upside,” said Mr J. Colter Eadie, Chief Executive Officer of Jade Power.
The Suha project is located in the Dorna Mountains on the Suha Mare River and Suha Mica River in Romania.