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Note 25 - Subsequent Events
12 Months Ended
Dec. 31, 2019
Notes to Financial Statements  
Subsequent Events [Text Block]

NOTE 25 — SUBSEQUENT EVENTS

 

Cash dividend

 

On February 25, 2020, the Company’s Board of Directors declared, approved and authorized payment of a quarterly dividend of $5.6 million ($0.11 per share) to all holders of the Company’s issued and outstanding shares of common stock on March 12, 2020, payable on March 26, 2020.

 

Energy storage assets portfolio purchase transaction

 

On February 28, 2020, the Company entered into definitive agreements (the “Purchase Agreements”) to acquire a portfolio of energy storage assets in California from a third party (the “Seller”). The acquisition includes one operating energy storage asset and one advanced development energy storage project, both partly contracted with South California Edison. The transaction is contingent upon specific conditions related to the projects and the transaction as well as other customary closing conditions. Under the terms of the Purchase Agreements, the Company will pay up to approximately $65 million in total consideration of which $51 million will be paid at closing, which is expected during the second quarter of 2020, and the rest will be paid upon the Seller meeting certain conditions as well as an earn out. The Company is currently evaluating the accounting impact of this transaction on its 2020 consolidated financial statements.