Ancala Partners is investing up to €359m to buy a 49% stake in Ence Energía, the largest generator of renewable energy from agricultural and forestry waste in Spain.

The infrastructure investment manager said it expects to pay €225m on completion and will make up to €134m in performance-related payments over the next 8 years in as part of an agreement to buy the stake from Ence Energía y Celulosa.

Ence Energía has an installed capacity of 266MW across 8 plants. The company is developing a 405MW pipeline of near-term renewable energy projects in Spain.

Ancala said Ence Energía also owns a 90% stake in a 50MW concentrated solar power plant which is excluded from the transaction.

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