Power generation asset owner ContourGlobal recorded €130m in earnings before interest, tax depreciation and amortisation (EBITDA) in the first quarter of 2019 up 23% over last year.
The 23.5% increase in EBITDA was primarily due to the acquisition of 250MW of concentrated solar power (CSP) facilities in south-west Spain in May 2018 plus improved wind resource and availability.
Further to the announcement made on 6 December 2018, on 20 May 2019, ContourGlobal completed the sale of a 49% interest in the Spanish CSP assets to a fund advised by Credit Suisse Energy Infrastructure Partners for a total consideration payable of €134m in cash.
Company chief executive Joseph Brandt said: “We have made a strong start to 2019 with growth in Adjusted EBITDA in line with our expectations.
“Our M&A pipeline remains robust and other key projects such as our innovative hydroelectric refurbishment in Armenia and the modernization of our integrated renewable, storage and thermal generation facility on the island of Bonaire are on track.”