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15.03.2011 11:07
© TPP Enel Maritza East 3
Today, just before the official 2010 financial results presentation, the Italian energy company Enel S.p.A. announced that it has reached an agreement with ContourGlobal LP for the sale of the Bulgarian thermal power plant Enel Maritza East 3 near Stara Zagora. The entire stake of the Netherlands-registered companies Maritza East III Power Holding BV and Maritza O&M Holding Netherland BV will be sold. The two companies own 73% of the share capital of the Bulgarian company Maritza East 3 AD, which in turn is the owner of a lignite-fired power station with an installed capacity of 908 MW. The stake of 73% of the share capital of the Bulgarian company Enel Operations Bulgaria AD, which is responsible for operating and maintaining the Maritza plant, will also be sold. The other 27% in the power plant are owned by the Bulgarian state-owned electricity supplier NEK.
Located in the south-east of Bulgaria, TPP Enel Maritza East 3 accounts for about 10% of the country’s total installed capacity. Heavy investments have been made for FGDs and rehabilitation of the plant, and currently it has an ongoing power-purchase agreement with the incumbent supplier NEK. In 2010 Enel Maritza East 3 posted revenues of about 231 million EUR and EBIT of about 69 million EUR.
ContourGlobal will pay Enel a total of 230 million EUR for the companies. The enterprise value at closing for 100% of the share capital of the companies involved in the disposal is an estimated 535 million EUR, corresponding to 0.59 million EUR per MW. The transaction is part of the disposal plan announced by Enel to the markets and will reduce Enel’s total consolidated financial debt by about 450 million EUR, as estimated at closing. The transaction is expected to close by July 2011 and is subject to obtaining the necessary authorizations from the relevant authorities.
ContourGlobal is a US company, which develops, acquires and operates electric power and district heating businesses around the world. The company has two primary business lines: an Independent Power Producer business that develops and operates large central generating stations that supply their power to national electrical grids and a second business line, which develops and operates innovative inside-the-fence combined heat and power facilities for multinational clients.
The assets of ContourGlobal currently consist of 25 businesses in fifteen countries on four continents. The company has approximately 1200 MW of electric generating capacity in operations or under construction and envisages new acquisitions for approximately 10000 MW, including the Maritza East 3 plant.
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