Green energy activity to account for 50% of Ence's results in 2015

Dec 9, 2011 - The green energy operations of Spanish power utility and pulp manufacturer Ence (MCE:ENC) will account for 50% of the firm's results in 2015, Ence said in a press release.

Thus, Ence has decided to change its name in order to show its commitment to the renewable energy business. More precisely, Ence has changed its name to Ence Energia y Celulosa.

Under its 2010-2015 energy plan, Ence expects that sales from the renewable operations will contribute by EUR 225 million (USD 299.9m) annually to the overall revenue. Recurring earnings before interest, tax, depreciation and amortisation (EBITDA), in turn, is seen to rise by EUR 80 million a year due to the green energy.

At present, Ence is a leader in Spain when it comes to energy production from forest biomass. The company has a total installed capacity of 180 MW, seen to be increased to 210 MW.

Ence is also the fourth major cellulose producer worldwide with almost 1.3 million tonnes.

(EUR 1.0 = USD 1.333)

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