TSK Engineering Group is preparing to rotate renewable energy assets in the coming months. The company majority owned by businessman Sabino García (84.37%)founder of the company, has brought to market a portfolio valued at 217 million euros to continue investing with the liquidity obtained and continue growing in the business with the support of energy purchase and sale agreements or, conversely, the plant itself in the case that the financing is allocated to the client who exploits them.
The company has revealed its new position before the Alternative Fixed Income Market (MARF)where it has deposited its latest annual accounts on the occasion of a new promissory note program registered by Banking March next to Santander Bank and PKF Attest. Among the businesses held for sale are some of those that have already been on the market in the past and still have no buyer, such as solar thermal Negev Energy, in Israelwhich is valued at 28.41 million euros and in which it has a minority stake (10%).
It is a special purpose company created to plan, finance, build and operate the solar thermal power plant under a concession contract for a period of 28 years. The portfolio also includes the Solar Las Ánimas and Versalles complex, made up of six photovoltaic plants located in Mexico with an installed power of 146 MWp.. To carry out this divestment, the group has signed a mandate with a financial institution for the sale of the business, without revealing the identity of the advisor.
The company, known for having participated in the retractable grass system of the new Santiago Bernabéu, conveys peace of mind to the market and assures that it has treasury for the coming years and assets convertible into liquidity amounting to 453 million euros, which, deducting its financial debt, would mean a liquid surplus of more than 182 million euros.
The group’s total project portfolio is “broadly guaranteed”according to the company, thanks to its contracting volume and sales prices. It thus has a signed and awarded portfolio, which, at the end of the 2023 financial year, is close to 2,000 million euros.. The United Kingdom, the Dominican Republic, Puerto Rico and Australia are countries in which the group has landed strongly in recent months, with new awards that, together, exceed 1,000 million euros.
New rotation
The company is preparing to carry out another transaction. TSK already agreed in 2020 to sell its solar energy plants in operation in Spain to Q-Energy, the renewable asset fund manager of Qualitas Equityaccording to elEconomista.es. The company thus transferred a part of its subsidiary Esersa, for which in 2019 it explored the possibility of going public. Specifically, it transferred its shares in the ‘La Africana’ solar thermal plant and in the photovoltaic installations of Sirius Solar, Madrigalejo and Rosalejowith a joint installed power of 71.75 megawatts (MW).
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