Gas Natural Fenosa to sell 800MW CCGT plant to ContourGlobal for $456MM

Source: Gas Natural Fenosa

Gas Natural Fenosa has agreed to sell its 800 megawatts (MW) combined cycle plant in Arrúbal (La Rioja) to a subsidiary of ContourGlobal, a US-headquartered global developer and operator of power projects.

Once the necessary regulatory approvals have been obtained, GAS NATURAL FENOSA will sell the facility which consists of two 400 MW units for a total sum of 313 million euros ($456 million).

The sale is structured to include a vendor's loan for 258 million euros ($376 million) and the signing of a gas supply contract and a power offtake agreement of a part of the electricity produced for a maximum of 10 years with Gas Natural Comercializadora. It is not expected that this sale will have a significant impact on the results of GAS NATURAL FENOSA.

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