ContourGlobal agrees to buy 20 MW of solar plants in Italy

UK-based developer and owner of electric power businesses ContourGlobal announced it has acquired several PV plants totaling 20 MW in Italy from local renewable energy company ErgyCapital Spa.

The company said the plants are located in the regions of Puglia, Piemonte, Lazio and Campania, and are close to its existing PV plant portfolio. The new facilities, the company said, will benefit from approximately 12 more years of FITs. All the projects were developed in the first years of the Italian incentive program Conto Energia, when generous FITs were granted to solar developers.

The solar facilities will be acquired by ContourGlobal Solar Holdings (Italy) S.r.l., the Italian unit of ContourGlobal. The company said the transaction is valued at €68 million, and that it includes either refinancing or assuming approximately €47 million of project finance debt. Closing of the operation is planned for September.

ContourGlobal currently owns and operates around 4.1 GW of power plants worldwide. Its renewable energy power generation capacity has reached over 1.5 GW to date, while its solar plant portfolio is represented, excluding the new acquisitions, by solar plants totaling 69 MW in Italy and Czech Republic.