ContourGlobal has agreed the acquisition of Acciona Energia's 250MW portfolio of five 50MW solar plants in south-west Spain.

The total value of the deal is €962m, comprising €806m payable to Acciona Energia and existing net debt of €156m.

ContourGlobal has also agreed to make earn-out payments to Acciona Energía of up to €27m.

“Over the past seven years we have enjoyed successful thermal operations in Spain and developed a solar business in central and southern Europe,” said ContourGlobal president and chief executive Joseph Brandt.

“Today’s acquisition enables us to combine this operating expertise in a sizable portfolio of long-term regulated assets which will enable us to leverage our existing footprint in the country and deliver on our commitment to pursue operationally led significant growth,” he added.

Image: Pixabay