Evercore helping Solarcentury find buyer - report

UK-based solar power company Solarcentury has mandated Evercore Partners to sound out potential buyers, Sky News reported on Monday, quoting unnamed sources.

The process would begin this week and could result later this year in a transaction valued at up to GBP 250 million (USD 326.4m/EUR 289.6m), the report says. A spokesperson told Sky News that the company regularly reviews its strategic alternatives and financing arrangements.

According to Sky News’ sources, Solarcentury expects earnings before interest, tax, depreciation and amortisation (EBITDA) of about GBP 30 million for the year to March 2020, which compares to a projected EBITDA of GBP 12 million for the past year.

Solarcentury is active in the development, construction and operation of commercial and utility-scale solar power plants, while also helping structure financing for the projects. The company operates in Spain, the Netherlands, France and Mexico, as well as in its home market in the UK.

(GBP 1.0 = USD 1.306/EUR 1.158)

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