Ence acquired a biomass power plant in Córdoba, Spain
Ence has closed the purchase of EDF Energies Nouvelles's stake in Lucena's power generation plant in Córdoba, Spain, which has a total capacity of 27.1 MW.
Ence has executed the operation through a capital and debt acquisition structure that entitles it to 90% of the company’s economic rights. After the operation, Ence increases the installed power of its energy business by 19% and reaches 170 MW of capacity.
Ignacio Colmenares, Vice President and CEO, said: “Ence takes a new step in the fulfillment of its strategic plan which aims to achieve Euro 80 million EBITDA in its independent power generation business in 2020.”
The energy complex of Lucena consumes olive pulp as fuel (biomass derived from the treatment of the olive for extraction of the oil), very abundant in the surroundings of the installations, and pruning’s of the olive tree.
The acquired plant will contribute with an annual EBITDA of Euro 5 million per year, thus Ence Energía will already have a recurring EBITDA of more than Euro 50 million per year.
Ence has valued 100% of the plant at Euro 28 million, before the improvements by synergies and optimization of the biomass supply that Enceexpects to materialize quickly, once it incorporates the implementation of its management model to the operation of the facilities.
