May 10 (Renewables Now) - ContourGlobal Plc (LON:GLO) said today it has completed its near-EUR-1-billion acquisition of Acciona SA's (BME:ANA) 250-MW solar thermal power portfolio in Spain.
The company struck a deal to buy the portfolio, which includes five 50-MW concentrating solar power (CSP) plants in South-West Spain, at the end of February this year. The agreement has subsequently been approved by its shareholders.
The enterprise value of the acquisition is EUR 962 million (USD 1.15bn), including a cash payment of EUR 806 million and the assumption of EUR 156 million in existing net debt. ContourGlobal also agreed to make earn-out payments to Acciona Energia of up to EUR 27 million.
The five CSP plants were brought online between 2009 and 2012.
(EUR 1 = USD 1.192)