Maxim Power Corp., an independent power producer, which acquires or develops, owns and operates power related projects, has entered into an agreement to sell 100% of its ownership interest in Comax France S.A.S. and its parent, Maxim Power Europe B.V., to Vine Luxembourg SARL, an affiliate of Basalt Infrastructure Partners LP.
The total amount for the acquisition is €47 million (US$52 million), including the assumption of €23 million of net debt resulting in sales proceeds of approximately €24 million, €6 million of which is contingent on certain future events.
COMAX is MAXIM's wholly-owned subsidiary that owns and operates MAXIM's 32 natural gas-fired electric generation facilities in France. These facilities have an aggregate generating capacity of 176 MW.
The sale of COMAX is scheduled to close during the fourth quarter of 2016, subject to regulatory approvals and customary closing conditions. COMAX sale proceeds will be used to reduce net debt in MAXIM's North American operations.