Acciona sells its solar thermal assets in Spain to ContourGlobal

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Acciona has reached an agreement to sell its five solar thermal plants in Spain (with a combined capacity of 250 MW) to ContourGlobal plc. The transaction amounts to €1.09 billion, which could increase by €27 million, to €1.12 billion, if certain milestones are met.

Once completed, the deal will enable the Acciona group to reduce debt by €760 million this year.

The disposal of the Spanish solar thermal assets (Palma del Río I and II in Córdoba, Majadas in Cáceres, and Alvarado and Orellana in Badajoz) rebalances Acciona’s portfolio towards its international business, which will reach 50% of generation EBITDA.

The sale is subject to approval by Spain’s National Markets and Competition Commission (CNMC) and by the General Meeting of Shareholders of ContourGlobal plc. The controlling shareholder of ContourGlobal plc, ContourGlobal L.P., with a 71% stake, has made an irrevocable commitment to vote in favour of the deal.