ContourGlobal PLC Proposed Acquisition of Contracted Solar PV Plants (8048A)
04 June 2021 - 04:00PM
UK Regulatory
TIDMGLO
RNS Number : 8048A
ContourGlobal PLC
04 June 2021
June 4 2021
PROPOSED ACQUISITION OF CONTRACTED SOLAR PHOTOVOLTAIC OPERATING
POWER PLANTS CONTINUES CONTOURGLOBAL'S SUCCESSFUL ROLL-UP STRATEGY
IN ITALIAN SOLAR MARKET
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.
ENQUIRIES
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
ABOUT CONTOURGLOBAL
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.
ABOUT ENERGY INFRASTRUCTURE PARTNERS AG
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
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