ContourGlobal Adds 20MW of Operating Solar Plants in Italy to European Solar Business

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The acquisition further expands ContourGlobal's Italian power business and leverages the company's existing Italian thermal and renewable operating platform consisting of high efficiency QuadGeneration facilities.

ContourGlobal has signed an agreement for the acquisition of a group of companies owning 20MW of operational solar photovoltaic ("PV") plants in Italy from ErgyCapital S.p.A. The plants, located in the regions of Puglia, Piemonte, Lazio and Campania, are in close proximity to ContourGlobal's existing Italian solar portfolio and benefit from approximately 12 more years of Feed-in-Tariff.

The acquisition further expands ContourGlobal's Italian power business and leverages the company's existing Italian thermal and renewable operating platform consisting of high efficiency QuadGeneration facilities serving Coca Cola Italia and rooftop and ground mounted solar facilities throughout the country.

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ContourGlobal's Chief Operating Officer, Mr. Karl Schnadt, said: "We are pleased to continue to expand our business in Italy where we have operated now for almost a decade. Our operating platform enables us to efficiently integrate these new facilities into our existing European renewable business."

The Enterprise Value of the transaction is €68m. The transaction contemplates either refinancing or assuming approximately €47m of project finance debt.

Closing of the transaction, subject to certain customary and transaction specific conditions is expected in September 2017.

Source: PRNewswire