Ence gains up to 39 million euros on the sale of its Puertollano CSP plant for 168 million euros

ENCE Energía y Celulosa has agreed to sell its 90% stake in the 50 MW CSP plant in Puertollano to Q-Energy for an enterprise value of 168 million euros, including 81.5 million of net debt.

The agreed price for the 90% stake in Ence Energía Termollano amounts to 86.5 million euros. Out of this amount, 82.5 million euros will be received at the closing of the transaction, scheduled for December, and up to 4 million euros are conditional upon future actions related to the plant’s electrical connection facilities. The buyer will assume the company´s net debt of 81.5 million euros.

This price entails a potential capital gain of up to 39 million euros, generated in the two years that have elapsed since the acquisition of 90% of the capital of the CSP plant in November 2018 for 45 million euros.

The agreement reached with Q-Energy includes the possibility of jointly hybridizing the CSP plant with the incorporation of a biomass boiler in order to convert a non-manageable renewable asset into a manageable one and thereby optimize its use.

Q-Energy is an investment fund manager with 150 professionals, which has invested more than 6 billion euros in renewable energies globally since its inception. With the acquisition of the Puertollano CSP plant, the Q-Energy team continues to advance on its strategy of spearheading industry consolidation, managing more than 1 GW solar photovoltaic, 220MW solar thermoelectric (CSP) and 130 MW wind power in Spain, Germany and Italy.