UK power clothing dives for Italian solar

• London-listed ContourGlobal accompanies Energy Infrastructure Partners for EUR49.7 m acquisition

London-listed ContourGlobal and also Energy Infrastructure Partners have actually reached agreement with a group of exclusive investors to get a portfolio of solar PV assets completing 18MW in Italy for EUR49.7 m.

The 24 projects, gotten by taking control of designer Green Hunter Group, will certainly contribute approximately EUR8m of adjusted EBITDA on an annual basis, according to the investors.

The PV farms are mainly ground-mounted plants, the majority of which are located in close proximity to the existing operations, therefore taking advantage of geographical harmonies.

They supply lasting, contracted capital with a weighted-average staying feed-in tariff duration of 10 years.

The bargain is anticipated to finish in the 3rd quarter of the year, subject to the completion of certain normal closing problems.

ContourGlobal said the transaction is another "operationally led bolt-on procurement" as part of its roll-up approach in Italy with long-time partner EIP.

"We remain to see a solid pipe of additional possibilities in Italy," it added.