ContourGlobal maintains full-year guidance; sells stake in solar power facilities
Source - SMW
ContourGlobal on Thursday maintained its annual guidance and said it had agreed to sell the 49% stake in its 250 MW concentrated solar power facilities to a fund advised by Credit Suisse Energy Infrastructure Partners for €134m.
'We remain comfortable with the indicated guidance range for 2018 of Adjusted EBITDA of $600-630 million on a constant currency basis,' the company said.
The deal represented a premium of about €65m to ContourGlobal's proportionate net investment in the 49% stake of about €69m, the company added.
Completion of the transaction was expected by the end of the second quarter of 2019.
'We are very pleased to expand our partnership with CSEIP in Europe with our second sale of minority interests this year. CSEIP is a committed long-term partner and leading investor in the infrastructure field, combining deep industry expertise with unique sourcing and distribution capabilities. We look forward to extending our partnership into new markets,' said Joseph C. Brandt, President and Chief Executive Officer of ContourGlobal.
'We continue to see opportunities to enhance shareholder returns and redeploy capital into our significant growth pipeline by selling minority stakes in our global portfolio of businesses to dedicated infrastructure investors looking to invest long-term with strategic operating partners.'