London renewable power company acquires £38.3m Italian solar assets

ContourGlobal PLC, in partnership with Energy Infrastructure Partners AG (“EIP”) announced that it has acquired an 18 MW portfolio of Italian Solar Photovoltaic assets

It was signed on June 4, 2021 and completed on November 23 for €45.6m (approximately £38.3m) on a debt free, cash free basis.

ContourGlobal is an international owner and operator of contracted wholesale power generation businesses with approximately 6.3 GW in operation in 20 countries.

The company operates a portfolio of 114 thermal and renewable power plants across Europe, North America, Latin America, and Africa utilising a range of technologies.

EIP is a Swiss investment manager with CHF4bn (approximately £3.2bn) under management and a focus on energy infrastructure assets that contribute to the security of supply during energy transition.

Following completion, the company and EIP own 51 per cent and 49 per cent respectively of the acquired entity.

A statement issued by the company reads: “The transaction is part of our operationally led solar strategy in Italy with our long-time partner EIP and it will increase our installed solar capacity in the Italian market by approximately 24 per cent.

“We continue to see a strong pipeline of further opportunities in Italy with EIP.”