The sale of FCC's Energy division, on which BBVA, Bankia and Goldman Sachs acted as advisors, was set out in the Strategic Plan presented in March 2012. The aim of the sale is to focus Group activities on water, environmental services and infrastructure, and to reduce interest-bearing debt to below 5 billion euro. The divestment of the Energy area reduces net interest-bearing debt by 763 million euro.
FCC's Energy area owned 14 wind farms representing 421.8 MW total installed capacity, two solar thermal plants with a capacity of 100 MW and two photovoltaic plants (20 MW). The sale includes 100 percent of the company’s wind assets and the Group's entire stakes in the photovoltaic and solar thermal assets (70 percent of Guzmán Energía and 57.8 percent of Enerstar Villena).
The agreement between FCC and the buyer includes compensation clauses in connection with the future evolution of the Energy business's value, so that FCC may obtain remuneration in addition to that corresponding to the 49 percent stake which it has retained.
This sale comes just days after FCC completed refinancing of UK environmental services subsidiary FCC Environment’s debts, amounting to 381 million pounds sterling (456 million euro) for a period of four years.
This agreement is part of the substantial progress made by FCC to refinance the entire group, which is expected to be completed in the short term and will provide it with “a sustainable financial structure adapted to the cash flow envisioned for the various businesses.”
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