2012-01-27
MagnInvest had planned to acquire a large amount of solar panels before the end of 2011 to be used in new developments in the USA. The basis for the business plan was to benefit from the 1603 solar development grant programme. In the latter part of December 2011 the US Treasury released new guidance which unfortunately made MagnInvest business plan unfeasible. MagnInvest will investigate further renewable energy opportunities in the USA during 2012.
During the fall of 2011 MagnInvest was, together with partners, bidding for a producing solar plant in Spain. MagnInvest was finally outbid by another bidder and the Board of MagnInvest could not justify a higher bid and the competitive bid ended up acquiring the asset. MagnInvest will continue to look for renewable energy opportunities in Spain, Italy and other solar power markets in Europe.
MagnInvest is currently performing due diligence on the other investment opportunities and the progress can be found on the Investment overview on the investment overview page. |
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