7th Dec 2020 14:41
(Alliance News) - ContourGlobal PLC on Monday said it has acquired a portfolio of natural gas-fired and combined heat and power assets in the US and Trinidad & Tobago from Wilmington, US-based Western Generation Partners LLC.
The London-based power generation company through diversified means said the portfolio totals 1,502 megawatts and will be acquired for USD837 million on a debt free and cash free basis.
ContourGlobal said that the expected adjusted earnings before tax, interest, depreciation and amortisation contribution in the first year following completion of the acquisition is USD92 million, including USD5 million of non-recurring integration costs.
ContourGlobal Chief Executive said: "We are very pleased to announce the continued expansion of our Caribbean and Solutions businesses and the entry into the United States market with this acquisition of contracted combined heat and power and flexible natural gas assets. This transaction fits squarely into our strategic and financial approach to acquisitions, which seeks high quality growth through operationally led strategic acquisitions."
ContourGlobal shares were up 1.7% at 203.10 pence each in London on Monday afternoon.
By Greg Roxburgh; [email protected]
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