Castleton Commodities International LL and White Summit Capital AG have reached an agreement with Arclight Capital Partners LLC to acquire 100% of a 786MW natural gas-fired combined cycle plant located in Amorebieta, in the Basque Country, in Spain.
London, United Kingdom – November 13, 2019 Castleton Commodities International LLC (“CCI”) and White Summit Capital AG (“WSC”), today announced an agreement to acquire a combined cycle power plant (CCGT) located in the industrial hub of Bilbao, in the Basque Country, in Spain, from Arclight Capital Partners LLC (“Arclight”). Following the acquisition, CCI will own or operate approximately 4,700 megawatts of power generation globally.
The Amorebieta plant is a 786 megawatt state of the art natural gas-fired CCGT that uses two General Electric 9FA gas turbines and one Alstom steam turbine, making it one of the most efficient gas-fired power plants in the Iberian Peninsula. The plant operates under a tolling agreement with Shell España.
The acquisition is subject to customary closing conditions.
“The Amorebieta acquisition builds on our strategy to increase exposure to the European energy markets and marks our entry into the rapidly changing Iberian hub where we see enormous potential,” said Arie Pilo, Head of CCI’s European Power Investments business. “We are also impressed by the market and economic fundamentals within the Basque region and by the investor friendly environment”.
Pablo Pallás, partner at WSC said: “We are delighted to partner with CCI and to build on our track-record of teaming-up with world-class institutions. This deal demonstrates our commitment to continue channeling foreign direct investment into the Spanish energy transition”.
About Castleton Commodities International LLC
CCI is a global energy commodity merchant with integrated businesses focused on marketing, merchandising, and trading commodities, and the ownership, operation and development of commodities-related infrastructure and upstream assets. Please visit our website for more information. http://www.cci.com.
About White Summit Capital
WSC is an investor and asset manager specialized in the infrastructure and energy sectors and focused on originating, executing and investing in off-market transactions with superior risk/return profiles. We co-invest with our partners, having deployed over EUR 1.3 billion of equity in 5 different assets, and we manage the investments for the long term. WSC is headquartered in Zug, Switzerland with offices in Madrid, London and Mexico City and a total of 10 investment professionals. www.whitesummitcap.com