Ferroglobe completes sale of Spanish hydro facilities and one ferroalloys plant
Ferroglobe PLC has completed and closed the previously-announced sale of its 100% interest in subsidiary FerroAtlántica, S.A.U. to investment vehicles affiliated with TPG Sixth Street Partners on August 30, 2019. The FerroAtlántica assets transferred in this transaction include ten hydroelectric power plants with a combined generating capacity of approximately 167 MW, and the Cee-Dumbría ferroalloys factory, all located in the province of A Coruña (Spain). Simultaneously, the company signed a long-term tolling agreement with FerroAtlántica under which it is the exclusive off-taker of Cee-Dumbría factory’s finished goods. In return for this exclusivity, Ferroglobe commits to supplying FerroAtlántica with key raw materials over the long term.
The transaction is valued at EUR170 million (US$186 million).
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