Aix-en-Provence (France), October 27, 2015. Global EcoPower (Alternext - FR0011289198 - ALGEP), announces that the merger project with the Moroccan company Nova Power, announced earlier this year, is abandoned.
GEP announced on February 23, 2015, the acquisition, subject to conditions precedent, of 100% of the capital of the young Moroccan company Nova Power, which develops solar power plants in Morocco, West Africa and the Middle East (read the press release of February 23, 2015).
The abandonment of this project is due to the following reasons:
- The conditions precedent were not lifted within the time limit: the development projects, including construction projects of solar power plants in Nigeria, which were the main cause of the desire to create a new group, have so far not been materialized by Nova Power;
- The deterioration of the geopolitical situation in Nigeria since the early discussions with Nova Power has made GEP reconsider its initial commitment. The increased risk of terrorism, materialized by the repeated abuses of Boko Haram in the north-east of the country and the ability of the terrorist group to take action outside its area of implantation, has prompted GEP to be extremely careful;
- The corruption, which unfortunately remains a persistent scourge in many economic systems of the country.
Given these various elements, GEP has made a strategic decision to abandon the merger project and to terminate discussions with Nova Power.
GEP now focuses on other external growth projects in France which will be announced in the coming weeks.
About Global EcoPower (GEP)
Global EcoPower is an Aix-en-Provence based company and a “turnkey” constructor of power plants using renewable energies, wind and solar power. GEP is listed on the NYSE Alternext Paris Market of NYSE Euronext (ISIN code: FR0011289198 - mnemo: ALGEP). GEP is eligible for PEA-PME.
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Full and original press release in PDF:
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