TSK sells its renewables in Mexico and Israel to lower debt and boost its activity

The Asturian Engineering Group TSK He advances in his disinversion plan for renewable plants after having gone to the market in search of a partner to reinforce his balance and guarantee the development of his road map. The company, mostly owned by the entrepreneur Sabino García Vallina (84.37%)will obtain with the sales of assets and agreements in Mexico, Israel and Panama Nearly 200 million euros, according to sources consulted by ‘Eleonomista.es’.

The group He has already found a buyer for the solar complex Las Ánimas II and Versailles de las Quatascomposed of six photovoltaic plants located in Mexico with an installed power of 146 MWP. The assessment of these parks, built by TSK and in which it maintained a participation of 84.99% – the remaining 15.01% is in the hands of the Spanish Eosol Energy – amounts to about 100 million dollars (92.2 million euros to the current change), including the debt.

The buyer has been Ainda, a Mexican private capital fund accustomed to investing in infrastructure assets – a partner of Aldesa on highways in Mexico. The closure of this operation is subject to compliance with common suspensive conditions for this type of agreements. TSK will enter its box for this divestment around 55 million dollars (50.7 million euros), according to knowledgeable sources.

Another of the TSK assets that are close to selling is 10% of Negev Energy thermosolar, in Israel. This participation was appraised in books at 28.41 million euros and Asturian engineering has reached an agreement to sell it for a similar amount (30 million dollars) to an Israeli fund whose identity has not transcended. The project belongs to a special purpose company created to plan, finance, build and operate the thermosolar energy plant under a concession contract for a period of 28 years. The dominant shareholders are two local signatures: the construction company Shikun & Binui (50% participation) and Noy Fund (40%).

The third budding operation is related to the agreement that TSK also reached with the Spanish Advancement last autumn to resolve disputes for the financing of a 150 MW photovoltaic solar plant in Penonomé (Panama). The pact implies that I advance will pay the Asturian multinational, which had financed and built the project, 114 million dollars (105 million euros) for a certain period of time.

For now it has already charged a part that increases month by month for the generation of energy of the photovoltaic installation. Now, the expectation is to be able to receive the entire. The goal is to find a buyer and achieve about 140 million dollars (129 million euros). The company has commissioned this mission to PWC, which is already in the offers reception phase.

With these three operations executed almost simultaneously, TSK, known for having participated, among other projects, in the execution of the retractable grass system Santiago Bernabéu Stadiumtake air to reduce debt, on the one hand, and to reinforce its resources in order to implement its growth plan.

Precisely with the aim of obtaining additional funds that allow you to accompany growth with debt control, TSK has hired Banco Santander and the US entity Stifel to look for potential partnersboth Spanish and international, who enter their capital (the scope will depend on the proposals).