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ContourGlobal Sells 49% Stake In Spanish Concentrated Solar Power Plant

ContourGlobal PLC on Thursday said it agreed to sell a 49% interest in its concentrated solar power facilities in southwest Spain to a fund advised by Credit Suisse Energy Infrastructure Partners AG.

The FTSE 250-listed company expects the sale to complete by the end of the second quarter of 2019.

As part of the agreement, ContourGlobal will continue to manage, operate and maintain the five Spanish assets, which have 250 megawatts capacity.

Meanwhile, the wholesale power generation business added that its performance has been good “despite renewable resources performing below plan in certain markets”.

ContourGlobal said it “remains comfortable” with the 2018 guidance range for adjusted earnings before interest, taxes, depreciation and amortisation of USD600 million to USD630 million.

ContourGlobal shares were up 0.1% at 180.00 pence each on Thursday morning.

Source: http://www.morningstar.co.uk/

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