Ancala Partners agrees to acquire 49 per cent of Ence Energía
Ancala Partners (Ancala), an independent infrastructure investment manager, has agreed to acquire a 49 per cent interest in Ence Energía SLU (Ence Energía) from Ence Energía y Celulosa SA (Ence). Completion of the transaction is subject to several conditions.
Ancala will pay up to EUR359 million to Ence for the 49 per cent interest of which approximately EUR225 million will be paid on completion and up to EUR134 million will be paid over the next 8 years subject to the development of certain pipeline projects and the overall performance of the Company.
Ence Energía is the largest generator of renewable energy from agricultural and forestry waste in Spain, with an installed capacity of 266 MW across 8 plants. The plants provide green, baseload power to the Spanish grid and are regulated under Spanish renewable energy regime. In addition, the plants play a vital role in Spain’s rural economy and divert significant waste from landfill thus contributing to Spain’s landfill abatement targets.
The Company is developing a 405 MW pipeline of near-term renewable energy projects in Spain. The Company also owns a 90 per cent stake in a 50 MW concentrated solar power plant which is excluded from the transaction.