ContourGlobal acquires the five solar thermal power plants owned by Acciona in Spain09 March 2018
The company places a value of €1.1 billion for this transaction, enabling its reduction of debt
Acciona reports in a press release that it has reached an agreement to sell its solar thermal assets in Spain to the British company ContourGlobal. These are five power plants that together add up to a capacity of 250 megawatts: Palma del Río I and II in Córdoba, Alvarado and Orellana in Badajoz, and Majadas in Cáceres.
The Spanish company values the transaction at €1.093 billion, which could amount to €1.12 billion if specific milestones are reached, though these are not defined in the press release. At the close of this transaction, Acciona intends to use this income this year to reduce its debt of €760 million.
Furthermore, with this sale Acciona will be able to rebalance and redirect its portfolio toward international business, with the goal of reaching 50% of the EBITDA for generation. After this transaction, the total Acciona renewable energies portfolio will amount to 8,772 megawatts.
Wind energy predominates in the Spanish company's portfolio
As to solar thermal technology, it maintains its ownership, through Acciona Energía Internacional, of the Nevada Solar One wind farm in the United States, with a capacity of 64 megawatts. Solar power represents 84% of its assets, the remaining of which are distributed among the photovoltaic sector, with expanding business activity, hydraulic power and biomass energy.
The acquisition is pending approval by the National Commission for Markets and Competition (CNMC). Approval must also be granted by the General Shareholders Board of ContourGlobal plc, though its controlling shareholder, ContourGlobal L.P., owner of 71% of the shares, has irrevocably committed to vote in favor.
ContourGlobal currently has energy generation plants in 19 countries in Europe, Latin America and Africa, altogether representing a capacity of 4,100 megawatts.