Banc Sabadell| Global Dominion (DOM) announced that it has reached an agreement for the sale of the Valdecarretas photovoltaic park (Zamora, Spain) to Renewables Japan Co. The transaction has been closed for more than €37 million (EV). The park, which has an installed capacity of c.38 MW, has been in operation since last June.
Assessment: Positive news with limited impact. The transaction is not surprising given that Dominion had already announced that it would sell renewable assets (in whole or in part) from time to time in order to generate cash and crystallise value. The company has not disclosed the debt associated with the project, but it is understood to be somewhere between €25-30m, so the equity would be very much in line with an assessment of approximately €8m.
