ContourGlobal's 9-mo earnings benefit from CSP portfolio stake sale

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

December 5 (Renewables Now) - ContourGlobal Plc (LON:GLO) on Thursday reported a 19% rise in adjusted EBITDA for the nine months through September to USD 531.6 million (EUR 483.2m) thanks to a USD-52-million cash gain from the sale of a stake in its concentrated solar power (CSP) portfolio.

In May, the company completed the sale of a 49% stake in the 250-MW Spanish CSP portfolio it purchased from Acciona SA (BME:ANA) in early 2018. The deal was closed for EUR 134 million in cash.

The increase in adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) also reflects USD 48 million from the full nine-month ownership of the Spanish CSP portfolio as well as USD 9 million related to an improvement in renewable power generation in the period. The positive contributions were partially offset by negative foreign exchange effects.

Overall, renewable power generation was up 23% in the period to 3.9 GWh, while its renewable power capacity climbed 1% to 1.79 GW.

(USD 1.0 = EUR 0.9)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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