Spain-based Ence Energia y Celulosa has agreed to sell its 49 percent stake in its subsidiary Ence Energia to Ancala Partners for €359 million ($439 million).
Following the deal, Ence will retain a 51 percent stake in its subsidiary, in addition to its 90 percent stake in the 50-megawatt Puertollano solar thermal power plant, which was excluded from the sale and will be sold separately.
Ence Energia is the largest generator of renewable energy with agricultural and forestry biomass in Spain, with an installed capacity of 266 megawatts distributed in eight plants, not including the Puertollano thermal plant. The company has a 405-megawatt pipeline of projects in Spain’s renewable energy sector. This pipeline consists of four biomass projects with a joint capacity of 165 megawatts, and another four photovoltaic projects with a joint capacity of 240 megawatts.
Ence Energia has a total implied enterprise value of €886 million ($1 billion), including €154 mil
