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Star Energy sells Croatian geothermal business for up to €3m

Star Energy has agreed to sell its Croatian subsidiary IGeoPen to Enna Geo. The deal foresees an initial cash payment of €1.5m (of which €1.3m goes to Star) plus earn-out payments of up to €1.5m upon commercial commissioning of the three licences, totalling up to €3m. The sale will free €5.2m in tied cash, eliminate future investment obligations in Croatia and allow reinvestment in UK geothermal; completion is expected in H2 2026 due to delays in feed-in tariffs in Croatia. » More on de.investing.com