RNS Number : 8048A

ContourGlobal PLC

04 June 2021

June 4 2021


ContourGlobal plc (the " Company " or " ContourGlobal "), in partnership with Energy Infrastructure Partners AG ("EIP") announced today that it has reached an agreement with a group of private shareholders (the "Sellers") to acquire up to 100% of the shares in Green Hunter Group S.p.A., a portfolio of Solar Photovoltaic ("Solar PV") assets totaling 18 MW located in Italy (the " Acquired Assets ") for EUR49.7 million on a debt free, cash free basis (the " Proposed Acquisition "). The Acquired Assets will contribute approximately EUR 8 million of Adjusted EBITDA on an annual basis. The transaction is another operationally led bolt-on acquisition as part of our roll-up strategy in Italy with our long-time partner EIP, generating operational synergy and attractive risk adjusted returns for our shareholders. We continue to see a strong pipeline of further opportunities in Italy.

Key highlights

   --    The Acquired Assets: 

o consist of 24 Solar PV primarily ground-mounted plants across Italy, the majority of which are located in close proximity to the Company's existing operations, benefiting from significant geographic synergies

o offer multiple options for operational value creation, including the insourcing of O&M activities and revamping of select plants, thereby leveraging the Company's strong operational and technological expertise

o provide long-term, contracted cash flows with a weighted-average remaining feed-in tariff period of 10 years

o are immediately accretive to cash flow generation and distributions

o complement the Company's growing Italian solar portfolio by increasing total installed capacity by 24%

-- The Company and EIP will have a 51% and a 49% interest in the shares of the acquired entity, respectively

The Proposed Acquisition is expected to complete in Q3 2021, subject to the completion of certain customary closing conditions.


Investor Relations - ContourGlobal

Alice Heathcote

Tel: +44 (0) 203 626 9077

Email: Alice.Heathcote@contourglobal.com

Media - Brunswick

Charles Pretzlik / Will Medvei

Tel: +44 (0) 207 404 5959

Email: contourglobal@brunswickgroup.com


ContourGlobal is listed on the premium segment of the London Stock Exchange (TKR: GLO). ContourGlobal is an international owner and operator of contracted wholesale power generation businesses. Pro-forma for the Proposed Acquisition, it owns and operates approximately 6,306 MW in 117 power plants in 20 countries and four continents.


Energy Infrastructure Partners AG (EIP) is a Swiss investment manager with CHF 4 billion under management and a focus on energy infrastructure assets that contribute to the security of supply during energy transition. EIP leverages its broad transaction experience and close industrial partnerships to develop and manage solutions for institutional investors globally.

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(END) Dow Jones Newswires

June 04, 2021 02:00 ET (06:00 GMT)

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