Renewable

November 24 (Renewables Now) - UK power generation business ContourGlobal Plc (LON:GLO) on Wednesday announced that it has completed the acquisition of 18 MW of operating solar photovoltaic (PV) power plants in Italy in partnership with Swiss investment manager Energy Infrastructure Partners AG (EIP).

The assets were purchased for EUR 45.6 million (USD 51.3m) through the acquisition of portfolio company Green Hunter Group SpA.

As per the terms agreed in June, ContourGlobal owns 51% of the acquired entity, with EIP holding the remaining 49%.

The British company said that the transaction will boost its installed solar capacity in the Italian market by about 24%. As part of an ongoing local strategy with long-time partner EIP, ContourGlobal has its eye on a strong pipeline of further solar opportunities for which the parties can team up.

In Italy, the UK company currently owns in full eighteen solar PV power plants which have a gross capacity of 65 MW and are connected to the national grid, its website shows.

(EUR 1 = USD 1.126)