ContourGlobal to buy solar photovoltaic plants in Italy for €49.7m

The acquired assets will contribute around €8m of adjusted earnings before interest, tax, depreciation and amortisation on an annual basis, the company said.

They consist of 24 Solar PV primarily ground-mounted plants, the majority of which are located in close proximity to the company’s existing operations and "benefiting from significant geographic synergies".

CountourGlobal said they provide long-term, contracted cash flows with a weighted-average remaining feed-in tariff period of 10 years and are immediately accretive to cash flow generation and distributions.

The assets will also complement the group's growing Italian solar portfolio by increasing total installed capacity by around 24%.

The acquisition is due to complete in the third quarter.

ContourGlobal owns and operates contracted wholesale power generation businesses.