ContourGlobal reaches agreement on its sale of 49% interest in Spanish concentrating solar power project

ContourGlobal plc today announces that it has reached an agreement to sell a 49% interest in the company's 250 MW Concentrated Solar Power facilities in the southwest of Spain to a fund advised by Credit Suisse Energy Infrastructure Partners AG.

The total consideration payable for the 49% stake is EUR134 million (US$152 million)to be paid in cash. This represents a premium of EUR65 million (US$74 million) to ContourGlobal's proportionate net investment in the 49% stake of EUR69 million (US$78 million). Completion of the transaction is expected to occur in one or more closings subject to the satisfaction of various customary closing conditions which are expected to be fulfilled by the end of the second quarter of 2019.

As part of the agreement, ContourGlobal will continue to manage, operate and maintain the five assets.

Developed and commissioned between 2009 and 2012, the CSP assets comprise five independent 50 MW solar plants located in southwest Spain, producing clean energy equivalent to the electricity demand of around 161,000 homes. Acquired from Acciona in May 2018, the plants have an average remaining regulated lifetime of 18 years and are regulated under the Spanish renewable remuneration scheme, guaranteeing long-term stable and regulated cash-flows.