Spain's Ence closes sale of majority stake in 50-MW CSP plant at home

Spanish pulp producer and energy company Ence Energia y Celulosa SA (BME:ENC) said today it has finalised the sale of its 90% in a 50-MW concentrated solar power (CSP) plant located in Puertollano.

As announced in November, Ence arranged the sale of the stake in the special purpose vehicle holding the plant with Madrid-based investment fund manager Q-Energy for a total of EUR 168 million (USD 204.2m). The price includes EUR 81.5 million of net debt.

Ence pocketed EUR 82.5 million at the closing, while the remaining EUR 4 million is deferred pending future actions related to the plant's electrical connection facilities, the group said.

In a separate move, Ence last month agreed to sell a 49% stake in its renewable energy subsidiary to UK infrastructure investment manager Ancala Partners LLP for EUR 359 million. On Tuesday, the company said it plans to finalise the Ancala deal before the end of the year.

After shedding the Puertollano CSP plant, Ence is left with agricultural and forestry biomass generation facilities in the home country. The group has a portfolio with 405 MW worth of projects ready for construction by the end of 2021, according to Tuesday's statement.

(EUR 1.0 = USD 1.215)

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