ALTEO Acquires 100% of Mov-R H1 Ltd.

The Hungarian energy distribution company ALTEO Plc. has announced on the website of the Budapest Stock Exchange that it signed this Friday business quota sale and purchase contracts with the Hungarian company Pannonia Bio Plc. and the Spanish firm CEOLICA HISPANIA for the acquisition of 100% of the business quota of the Hungarian renewable energy utilization company Energy Corp Hungary Ltd. and the counseling firm DTKM Tanácsadó Ltd. for the transfer of the business quota representing 1.5% of the equity capital of Mov-R H1 Windpower Renewable Energy Utilization Ltd.

As a result of the transaction, ALTEO will become the exclusive owner of 100% of the Mov-R business quotas upon full satisfaction of the conditions for closure included in the business quota sale and purchase contract, which ALTEO expects to occur within 45 days of the execution of the above contracts.

Mov-R currently operates 12 wind turbine towers with a total capacity of 24MW, each with a capacity of 2MW, in Levél and Mosonszolnok, Hungary. With the conclusion of the Transaction, ALTEO's capacity in the Hungarian wind turbine market will reach 71.5 MW, and ALTEO's total renewables-based electricity production capacity will exceed 110 MW. ALTEO notifies investors about the investment in progress, and it shall provide all necessary information in compliance with the applicable laws, the statement concludes.