Ence – Energía y Celulosa has concluded an agreement to purchase Endesa's stake in the renewable energy generation plants with biomass of Enemasa (Ciudad Real) and La Loma (Jaén), in which the company held 68.4% and 64.1%, respectively. The operation allows Ence to increase by 29% the installed power of its power business, which now reaches 143 MW.
Ignacio Colmenares, Ence's Vice President and CEO, stated that "this operation constitutes a new step in fulfilling our Strategic Plan, which plans to achieve 383 MW of installed capacity in biomass generation by 2020."
The CEO of Ence said that "we expect to achieve rapid synergies in all our power plants after the operation materialized, thanks to our knowledge and management capacity of agricultural and forestry biomass, technology of which we are leaders in Spain."
The plants, which mainly use olive stones (biomass derived from the treatment of the olive for oil extraction), very abundant in the surroundings of the installations, have a total power of 32 MW and will reach an estimated net production of 175 million kWh in 2016. Its estimated EBITDA will reach Euro 5.6 million in 2016, which will help to strengthen the stability of Ence's results.