ContourGlobal acquires share of Green Hunter solar portfolio

ContourGlobal said on Wednesday that, in partnership with Energy Infrastructure Partners (EIP), it has completed the acquisition of Green Hunter Group.

The AIM-traded firm said Green Hunter owned a portfolio of solar photovoltaic assets in Italy, totalling 18 MW.

It signed the partnership on 4 June, with the transaction completing on 23 November, for €45.6m on a debt-free, cash-free basis.

Following completion, the company and EIP own 51% and 49% of the acquired entity, respectively.

The company said the acquired assets would contribute around €8m of adjusted EBITDA annually.

“The transaction is part of our operationally-led solar strategy in Italy with our long-time partner EIP, and it will increase our installed solar capacity in the Italian market by approximately 24%,” the ContourGlobal board said in its statement.

“We continue to see a strong pipeline of further opportunities in Italy with EIP.”

At 0943 GMT, shares in ContourGlobal were up 0.08% at 192.55p.