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ContourGlobal to consider more minority sales after Spanish solar assets deal

As part of the agreement, ContourGlobal will continue to manage, operate and maintain the five assets
Solar power station
The assets being sold are in southwest Spain

Renewable power specialist ContourGlobal PLC (LON:GLO) will look to sell more minority stakes in its portfolio following the sale of a 49% stake in a group of Spanish solar power assets.

CounterGlobal, which listed in London last year, has agreed to sell a 49% stake in the Spanish assets to a fund run by Credit Suisse Energy Infrastructure (CSEIP) for €134mln.

The price represents a €65mln premium to the investment on a pro-rata basis. ContourGlobal will continue to manage, operate and maintain the five assets.

Joseph Brandt, chief executive, also indicated the company would be interested in selling more minority stakes if the right opportunity arose.

"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."

It was 'comfortable' with its 2018 guidance of Adjusted EBITDA of US$600-630mln on a constant currency basis, said the statement and business performance has been good recently despite struggles in some markets.

Brandt added: "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 a leading investor in the infrastructure field, he said.

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