Spanish pulp producer and renewable energy group Ence Energia y Celulosa has agreed to sell its 90% stake in the 50-MW Termollano concentrated solar power (CSP) plant to Madrid-based investment fund manager Q-Energy.
The parties agreed on a price of EUR 168 million (USD 199.5m) for the stake in Ence Energia Termollano, including EUR 81.5 million of net debt, the seller said on Friday.
Ence will receive EUR 82.5 million at the closing, expected in December, and up to EUR 4 million conditional upon future actions at the plant. The company said that the agreed price could represent a capital gain of up to EUR 39 million.
Ence bought the 90% stake in the plant, located in the Spanish town of Puertollano, for EUR 45 million in November 2018.
The agreement with Q-Energy includes the possibility of hybridising the plant with a biomass boiler, converting it from a non-manageable renewable asset into a manageable one, Ence said.