UK Centrica agrees sale of Mexican distributed generation unit

UK energy services company Centrica Plc (LON:CNA) has agreed to sell a Mexico-based distributed generation subsidiary to Canadian renewable energy generation projects developer ReVolve Renewable Power Corp (TSXV:REVV) for MXN 33 million (USD 1.67m/EUR 1.55m).

The transaction concerns Centrica Business Solutions Mexico SA de CV (CBS Mexico) which is focused on designing, installing and operating a range of different distributed generation solutions and projects located on the premises of various industrial customers.

The acquisition encompasses six operational rooftop solar projects and one operational combined heat and power project with a combined capacity of 2.85 MW. The energy generated by these projects is sold under a number of fixed-price power purchase agreements with industrial clients located in central Mexico. The operational projects are expected to generate annual revenues and EBITDA of more than USD 400,000 (EUR 372,580) and USD 300,000, respectively.

The acquisition will complement ReVolve’s newly established distributed generation division ReVolve Renewable Business Solutions. The new unit was established to target distributed generation projects with customers across a range of different industries in the US and Mexico. These projects include rooftop solar, battery storage and energy efficiency projects of up to 5 MW located at the customers premises.

(MXN 10 = USD 0.506/EUR 0.471)

(USD 1 = EUR 0.931)

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