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Acciona to sell 5 Spanish solar-thermal plants

Acciona SA has reached an agreement to sell five solar-thermal power plants in Spain to ContourGlobal plc for approximately €1.09 billion.

The deal amount can increase by €27 million, to €1.12 billion, subject to certain conditions, Acciona said in a Feb. 27 news release. The company plans to use proceeds from the sale to reduce its outstanding debt by €760 million in 2018.

The power plants include Palma del Río I and Palma del Río II in Córdoba, Majadas in Cáceres, and Alvarado and Orellana in Badajoz. Acciona said the sale will rebalance its portfolio toward its international business, which will reach 50% of generation EBITDA. The sale is subject to approval by Spain's National Markets and Competition Commission and by ContourGlobal shareholders. ContourGlobal's controlling shareholder, ContourGlobal LP, has made an irrevocable commitment to vote in favor of the deal, according to the news release.

Post-transaction, Acciona's international power generation portfolio will amount to a total of 8,772 MW made up of 84% wind, as well as solar, hydroelectric and biomass assets.

ContourGlobal is an independent operator of power generation plants with facilities in 19 countries in Europe, Latin America and Africa totaling approximately 4,100 MW of capacity.