News blog
Acta
- BY: Andrew Hore |
- POSTED: 18/03/2011 |
Recently announced changes to Italian solar feed-in tariffs have led to the same kind of uncertainty that the UK government’s review of solar tariffs did in the UK and they will cause Acta to undershoot expectations.
The Italian changes will hit the 2010 and 2011 figures of cleantech products company Acta and this has led to the share price almost halving. The shares slumped 17.38p to 20.62p, which values Acta at £9.77m.
The changes in the feed-in tariffs have meant that there is currently no finance for new projects in the Italian photovoltaic sector.
In a trading statement in February, Acta said that 2010 trading was in line with expectations but 2010 figures will now be below market expectations. That is because SPF Energy has terminated last December’s purchase of solar project consents worth €900,000 plus the associated installation services.
There have also been problems gaining the release of project consents which were sold for €2.45m late last year. If these consents are not confirmed before the 2010 accounts are published then the sale can’t be included, which will mean the figures will undershoot by an even greater extent.
Acta is hopeful that when the confusion about the Italian feed-in tariffs is cleared up project financing will be restarted and it can sell the consents. The timing of this will also determine how much revenues will be generated from installation services in 2011.
Last month, Sumitomo sold its stake in Acta. Sumitomo bought 4m shares at 115p each in July 2007.
Download the March edition of AIM Journal at http://www.hubinvest.com/AIMPDFMarch2011_18.pdf
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