The purchase price for the sale is an amount equal to 20% of the annual free cash, if any, generated by the hydro project for a period of five years

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Jade Power announces sale of Suha Hydro Project. (Credit: Tumisu from Pixabay)

Jade Power Trust announces that is has completed the sale of its Vistea (Suha) hydro project.

As provided in the Trust’s public filings, Suha ceased operations in the second quarter of 2018 and has been classified as a discontinued operation for the purposes of the Trust’s financial statements.

The purchase price for the sale is an amount equal to 20% of the annual free cash, if any, generated by the hydro project for a period of five years.

Mr.  J.  Colter Eadie, Chief Executive Officer of Jade Power, commented: “We are pleased to have disposed of the Suha hydro project as it has been a money losing operation and a cash and management drain for almost two years.  The savings 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.”

Source: Company Press Release