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ContourGlobal acquires share of Green Hunter solar portfolio
By Josh White
Date: Wednesday 24 Nov 2021
LONDON (ShareCast) - (Sharecast News) - ContourGlobal said on Wednesday that, in partnership with Energy Infrastructure Partners (EIP), it has completed the acquisition of Green Hunter Group.
The AIM-traded firm said Green Hunter owned a portfolio of solar photovoltaic assets in Italy, totalling 18 MW.
It signed the partnership on 4 June, with the transaction completing on 23 November, for €45.6m on a debt-free, cash-free basis.
Following completion, the company and EIP own 51% and 49% of the acquired entity, respectively.
The company said the acquired assets would contribute around €8m of adjusted EBITDA annually.
"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%," the ContourGlobal board said in its statement.
"We continue to see a strong pipeline of further opportunities in Italy with EIP."
At 0943 GMT, shares in ContourGlobal were up 0.08% at 192.55p.
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