Ence divests 49% share in its Spanish renewable unit to Ancala

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ENCE Energía y Celulosa has agreed to sell 49% of the capital of Ence Energía S.L.U, excluding the Puertollano solar thermal power plant, to the infrastructure investment fund Ancala Partners LLP. ENCE will retain control of its subsidiary, with a remaining 51% stake, in addition to its 90% stake in the solar thermal power plant.

The agreed terms imply a value of the perimeter of the transaction of EUR886 million (US$1 billion), including EUR154 million (US$182 million) of debt. The agreed price will entail a potential capital gain of up to EUR184 million (US$217.7 million). These figures exclude the Puertollano solar thermal power plant.

Ence Energía is the largest generator of renewable energy with agricultural and forestry biomass in Spain, with an installed capacity of 266 MW distributed in 8 plants, in addition to the 50 MW of the Puertollano solar thermal power plant.

The agreed price for the 49% stake in Ence Energía, excluding the solar thermal power plant, amounts to EUR359 million (US$424.8 million). Of this amount, EUR225 million (US$266 million) would be collected at the closing of the transaction.

The closing of the transaction is pending ratification at the shareholders’ meeting called on December 14.

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