4th Jun 2021 09:41
(Alliance News) - ContourGlobal PLC on Friday said it has agreed to buy solar farm owner Green Hunter Group SpA in partnership with Energy Infrastructure Partners AG.
The buyers will pay EUR49.7 million on a debt free, cash free basis for Green Hunter, buying the firm from private shareholders. ContourGlobal, a FTSE 250-listed owner and operator of power generation businesses, will own 51% after the transaction. EIP will own 49%.
Green Hunter owns 18 megawatts of solar power assets in Italy. The acquisition, expected to complete in the third quarter, will add around EUR8 million adjusted earnings before interest, tax, depreciation and amortisation each year for ContourGlobal.
The deal continues London-based ContourGlobal's strategy in Italy with longtime partner EIP, and there is a strong pipeline of opportunities in the country, ContourGlobal said.
ContourGlobal shares were down 0.8% to 194.14 pence in London.
By Ivan Edwards; [email protected]
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