Canada's Transeastern acquires three small Romanian hydropower plants

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Canadian financial group Transeastern Power Trust has signed a letter of intent to acquire three small hydropower projects in Romania.

Transeastern did not specify the names of the plant, but said the trio have a combined capacity of 3.65 MW and were all refurbished in recent years after more than two decades of operation.

The US$5.7 million purchase price will be payable as 50% in cash, and 50% in Transeastern units at a deemed issuance price of $1.13 per unit, calculated in euros in accordance with the applicable exchange rate on the day immediately prior to the closing date.

"The proposed acquisitions of the hydro projects represent another critical milestone in the evolution of our company," CEO J. Colter Eadie said.

Terms of the deal are still subject to technical and legal due diligence, though Transeastern said it expects the acquisition to close by the end of April.

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