ContourGlobal selling 49% stake in Spanish CSP portfolio for EUR 134m

CSP park. Source: Grupo T-Solar (www.tsolar.com).

December 6 (Renewables Now) - ContourGlobal Plc (LON:GLO) said today it is selling a minority stake in the 250-MW Spanish solar thermal power portfolio it bought from Acciona SA (BME:ANA) earlier in 2018, and added it “remains comfortable” with its current financial guidance for the year.

ContourGlobal has inked a deal to sell a 49% stake in the said concentrated solar power (CSP) portfolio to a fund advised by Credit Suisse Energy Infrastructure Partners AG (CSEIP). The agreed sale price is around EUR 134 million (USD 152m) in cash, which is a EUR-65-million premium to ContourGlobal’s proportionate EUR-69-million net investment in that stake, it noted.

The transaction is expected to close by the end of next year’s second quarter. It concerns five CSP facilities in southwest Spain that are regulated under the country’s renewable remuneration scheme. ContourGlobal will continue to manage, operate and maintain those five plants.

Also today, ContourGlobal said that despite renewable resources not meeting performance expectations in certain markets, the company continues to guide for adjusted 2018 earnings before interest, tax, depreciation and amortisation (EBITDA) of USD 600 million to USD 630 million on a constant currency basis.

(EUR 1.0 = USD 1.133)

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