ContourGlobal to sell solar power stake

ContourGlobal to sell solar power stake

FTSE 250 and LSE-listed power generation firm ContourGlobal Plc (LON:GLO) have reported that they will be maintaining their full-year guidance, as well as selling their stake in MW concentrated solar power facilities.

The firm is set to sell their stake in the solar power facility to Energy Infrastructure Partners, a fund advised by Credit Suisse, for €134 million.

This investment represents a positive margin of €65 million, as per their original investment for the 49% stake, worth €69 million. The transaction is expected to be complete by the end of H1 2019.

In a statement, the company said that they were on track to achieve their guidance range for 2018, of an adjusted EBITDA of $600-630 million.

“We are very pleased to expand our partnership with CSEIP in Europe with our second sale of minority interests this year. CSEIP is a committed long-term partner and leading investor in the infrastructure field, combining deep industry expertise with unique sourcing and distribution capabilities. We look forward to extending our partnership into new markets,” said Joseph C. Brandt, President and Chief Executive Officer of ContourGlobal.

“We continue to see opportunities to enhance shareholder returns and redeploy capital into our significant growth pipeline by selling minority stakes in our global portfolio of businesses to dedicated infrastructure investors looking to invest long-term with strategic operating partners.”

As of 06/12/18 09:40 GMT, ContourGlobal shares are trading at 179.9p.