Italian Regional Court Decision

RNS Number : 2172J

Cogenpower PLC

27 June 2017

 

                                                                                                                                       27 June 2017

Cogenpower plc

("Cogenpower" or the "Company" or the "Group")

Italian Regional Court Decision

The Company is pleased to announce the preliminary decision of the Regional Administrative Court of Rome, Italy (the "Regional Court") in relation to the dispute between the Company and the Italian supervisory agency for energy incentives, the GSE.

As announced on 5 January 2017 and 3 May 2017, the Company has been in dispute with the GSE surrounding the Company's entitlement to Green Certificates.  The GSE had, in the Company's view, without any justification, revised downwards the basis of calculation for such entitlement retroactively and had demanded an immediate repayment of over €900,000 which it subsequently offset against 2015 certificates issued under its revised calculation basis.

Given the Group's previously announced working capital constraints, the Company sought an emergency hearing to deal with this matter and had the opportunity to present its case to the Regional Court in Rome, refuting both the right of the GSE to act in the way it had and the GSE's revised method of calculation, which it had not disclosed until the end of May 2017 when required to do so by the court.

The Company is pleased to announce that, following the hearing on 14 June 2017, the Regional Court has pronounced that the Company's case had merit and a definitive ruling would be made at a future hearing to take place on 23 March 2018.

The Company believes that this represents an important positive step forward in this highly disruptive dispute and will make further announcements as the situation develops.

-ENDS-

Further enquiries:

Cogenpower plc	Dr. Francesco Vallone Ilaria Cannata Martin Groak	[phone] [phone] [e-mail]
Allenby Capital Limited (Nominated Adviser and Joint Broker)	Nick Athanas Richard Short Nick Naylor	[phone]
Peterhouse Corporate Finance Limited (Joint Broker)	Heena Karani                                  Charles Goodfellow	[phone]

Notes to Editors

Energy efficiency through smart technology: Anaconda technology

Cogenpower (CGP.L) designs, builds or transforms, owns and operates high efficiency district heating and cooling schemes, scalable to serve communities from 3,000 to 50,000 people. At the heart of the business is Cogenpower's Anaconda Artificial Intelligence technology, an automated, Artificial Intelligence energy generation and control system equipped with a heat storage facility that delivers heat to customers and electricity to the grid with proven energy efficiency of more than 90%. Cogenpower was admitted to trading on AIM in February 2016.

 

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