ContourGlobal plc
TypePublic limited company
LSE: GLO
IndustryPower generation
Founded2005 (2005)
HeadquartersLondon, England
Key people
Joseph Brandt, President and CEO
RevenueIncrease $2,151.9 million (2021)[1]
Increase $370.1 million (2021)[1]
Increase $79.7 million (2021)[1]
ParentKKR
Websitewww.contourglobal.com/

ContourGlobal plc is a British power generation business. It was listed on the London Stock Exchange until it was acquired by KKR in December 2022.

History

The company was established by Joseph Brandt with financial support from Reservoir Capital Group in 2005.[2] In June 2015 it purchased the Vorotan Cascade in Armenia for US$180 million.[3] ContourGlobal was the subject of an initial public offering which raised net proceeds of £281 million in November 2017.[4] It then agreed to acquire Acciona's solar power plants for US$1.19 billion in February 2018.[5]

In May 2022, the board accepted an offer from KKR which valued the company at £1.75 billion.[6] It was announced on 16 December 2022 that the court had approved the takeover, allowing the transaction to be completed.[7]

Operations

The company generates circa 59% of its power from fossil fuel sources such as natural gas and coal and circa 41% from renewable sources such as wind, solar and water.[4] It owns and operates 69 power generation plants across 19 countries.[4]

References

  1. 1 2 3 "Preliminary Results 2021". ContourGlobal. Retrieved 18 March 2022.
  2. ↑ "ContourGlobal Plans $1 Billion Power IPO in London". Bloomberg News. 29 August 2017. Retrieved 3 March 2018.
  3. ↑ "Deal on Vorotan Cascade Was Signed". Lragir. 8 June 2015. Retrieved 3 March 2018.
  4. 1 2 3 "ContourGlobal IPO offers income potential". Investors Chronicle. 13 November 2017. Retrieved 3 March 2018.
  5. ↑ "ContourGlobal buys Acciona's solar power assets in $1.19 billion deal". Reuters. 27 February 2018. Retrieved 3 March 2018.
  6. ↑ "ContourGlobal fizzes higher after agreeing to be taken private". Proactive Investors. 17 May 2022. Retrieved 19 May 2022.
  7. ↑ "Court sanction of scheme of arrangement". Investegate. 16 December 2022. Retrieved 17 December 2022.
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