ENCE/NATURGY: AGREEMENT ON SALE OF PHOTOVOLTAIC PIPELINE (ANÁLISIS BANCO SABADELL)
ENC has just announced that it has signed an agreement to sell 373 MW from its photovoltaic pipeline (5 assets located in Huelva, Sevilla, Jaén and Granade) to Naturgy Renewables for € 62 M (~6% of ENC’s market cap based on its 51% stake in the Renewables division). The time frame for the closing of the transaction (which is different for each asset) goes from 4Q’22 until 1Q’24 and is subject to certain suspensive conditions being met (no details given). We understand that the transfer of assets and payment collections will take place once they are ready to build (RtB), with Naturgy being in charge of the construction and operation of such assets.Ence Energia Y Celulosa is engaged in the manufacture and commercialization of wood pulp and derivatives. Co. divides its activities into the following two business lines: Forest Division: Co. manages timberlands in South America and the Iberian Peninsula. Co. is involved in trading of wood, and supplies solid wood products including: plywood, sawn timber, parquet flooring and glued-edge paneling. Co. is involved in forest and environmental consulting. Pulp Division and Energy Production: Co. is engaged in the production of Eucalyptus globulus-based TCF and ECF paper pulp. Co. is also involved in the generation of electricity through biomass power producing plants.
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