Ence closes an asset rotation operation, to continue growing in renewable energies and in support of the electricity system

Ence Energía, Ence’s renewable energy subsidiary – Energía y Celulosa, has closed an asset rotation operation with the aim of continuing to invest and grow in the renewable energy business and to support the guarantee of the electricity system supply.

The group’s vocation is to continue diversifying and creating value within the renewable energy sector. To this end, it will sell five photovoltaic assets to Naturgy, with a combined capacity of 373 MW. The purchase price amounts to a total of 62 million euros, which Ence will reinvest to continue developing new projects, focusing on renewable energy generated with biomass and photovoltaics, as well as energy storage.

In this sense, the company is developing innovative mechanisms and solutions that, such as energy storage, allow to improve the management of the electrical system and provide stability and security to the supply. Thus, the group seeks to advance in its vision towards a mix with a greater presence of renewable energies, in line with the just energy transition and decarbonisation.

As part of this vision, Ence already completed, in December 2020, the sale of its 90% stake in the Puertollano thermosolar plant. A transaction that helped the company strengthen and diversify its growth in both renewable energy and biomaterials, as part of its commitment to the development of the bioeconomy in Spain.

Through the signed purchase agreement, Ence has agreed to sell its equity interests in these assets to Naturgy and to participate in the construction of these facilities, located in areas with the highest levels of solar irradiation: Huelva, Seville, Jaén and Granada .

The assets already have network connection permits and secured locations, and their administrative processing is expected to be completed before transmission to Naturgy in the coming quarters.

The approximate deadlines for closing the operation, which may be individual for each plant, vary between the fourth quarter of 2022 and the first quarter of 2024.

In this way, the group seeks to continue strengthening its Renewable Energy business, while continuing to develop its Pulp business.