(Alliance News) - The London-based power generation company ContourGlobal PLC on Wednesday said it acquired Green Hunter Group Spa, in a EUR45.6 million deal made alongside long-term partner Energy Infrastructure Partners AG.
Green Hunter Group is a portfolio of solar photovoltaic assets totalling 18 megawatts located in Italy.
The acquisition was signed on June 4 and completed November 23 for EUR45.6 million on a debt-free, cash-free basis.
ContourGlobal now owns 51% of the acquired equity and Energy Infrastructure Partners owns 49%.
The acquired assets are estimated to contribute about EUR8 million of adjusted earnings before interest, taxes, depreciation, and amortization on an annual basis.
ContourGlobal said the acquisition will increase its solar capacity in the Italian market by approximately 24% and is part of its operationally led solar strategy in the country with partner Energy Infrastructure Partners.
Shares in ContourGlobal were down 0.1% at 192.20 pence each on Wednesday morning in London.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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