Ancala Partners LLP agreed to acquire 49% stake in Ence Energia Sl from ENCE Energía y Celulosa, S.A. (BME:ENC) for €359 million on November 12, 2020. ENCE sold the 49% stake and will retain control of its subsidiary, with a remaining 51% stake. The sale excludes its 90% stake in the solar thermal power plant. ENCE Energía y Celulosa has started a process to sell its 90% stake in the 50 MW solar thermal power plant in Puertollano for €146 million. Out of the total consideration, €225 million will be paid at closing of the transaction, while the remaining €134 million depend on the progress made with the projects in the pipeline. Ence has a pipeline of projects amounting to 405 MW to grow in renewable energies in Spain, which already have access to the grid and secured locations. This pipeline is made up of 4 biomass projects, with a joint capacity of 165 MW and another 4 photovoltaic projects, with a joint capacity of 240 MW. The development of these projects is awaiting the upcoming capacity auctions for the implementation of the National Renewable Energy Plan in Spain, while its administrative processing is completed. The closing of the transaction is pending ratification at the Ence extraordinary shareholders meeting to be held on December 14, 2020. As of December 14, 2020, the transaction was approved by the shareholders of ENCE Energía y Celulosa, S.A. Lazard Asesores Financieros, S.A. acted as the financial advisor to ENCE Energía y Celulosa. Ancala Partners LLP completed the acquisition of 49% stake in Ence Energia Sl from ENCE Energía y Celulosa, S.A. (BME:ENC) on December 18, 2020.