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ACCIONA has reached an agreement to sell its five solar thermal plants in Spain (with a combined capacity of 250MW) to ContourGlobal plc. The transaction amounts to €1.09 billion (US$1.33 billion), which could increase by €27 million (US$33.18 million), to €1.12 billion (US$1.37 billion), if certain milestones are met.
Once completed, the deal will enable the ACCIONA group to reduce debt by €760 million (US$934 million) this year.
The disposal of the Spanish solar thermal assets (Palma del Río I and II in Córdoba, Majadas in Cáceres, and Alvarado and Orellana in Badajoz) rebalances ACCIONA's portfolio towards its international business, which will reach 50% of generation EBITDA.
Following the deal, ACCIONA will have a total of 8,772MW of power generation assets, of which 84% are wind farms. The company also has a growing photovoltaic business, as well as hydroelectric and biomass-fired capacity. In solar thermal technology, ACCIONA indirectly owns the 64MW Nevada Solar One plant (USA) through ACCIONA Energy International.
The sale is subject to approval by Spain's National Markets and Competition Commission (CNMC) and by the general meeting of shareholders of ContourGlobal plc. The controlling shareholder of ContourGlobal plc, ContourGlobal L.P., with a 71% stake, has made an irrevocable commitment to vote in favour of the deal.
ContourGlobal plc is an independent operator of power generation plants with facilities in 19 countries in Europe, Latin America and Africa totalling approximately 4,100MW of capacity.
Following public disclosure of its 2017 earnings, Iberdola has announced plans to invest EUR32 billion (US$39.4 billion) over the period between 2018-2022. More than 90% of total amount will be allocated to regulated activities or long-term contracts, in line with the group's strategy of investing in businesses with stable and predictable returns.
Read moreContourGlobal Plc has confirmed that it is negotiating with Spanish engineering and renewable energy company Acciona the acquisition of five concentrated solar power (CSP) plants in Spain.
Read moreEnel, acting through its Spanish subsidiary Endesa’s local renewable energies company Enel Green Power España (EGPE), has signed an agreement to acquire 100% of Parques Eolicos Gestinver, owner of five wind farms in Spain with a total 132 MW capacity.
Read moreTerraForm Power, Inc. has announced that it has launched a voluntary tender offer to acquire 100% of the outstanding shares of Saeta Yield, S.A., a leading, publicly-listed European owner and operator of wind and solar assets, located primarily in Spain.
Read moreThe European Commission yesterday approved an unprecedented grant of EUR578 million (US$718.5 million) to the Biscay Gulf France-Spain interconnection project. The grant will fund the construction of a 370km electricity transmission line between Gatika, around 20km north of Bilbao, in the north-east of Spain, and Cubnezais, around 40km north of Bordeaux, in the south-west of France.
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