ContourGlobal plc announced it has reached agreement with Alpek S.A.B. de C.V, to acquire Alpek's portfolio of two natural gas-fired combined heat and power plants, together with development rights and permits for a third plant, for $724 million in cash. An additional payment at closing estimated at $77 million represents the Value Added Tax (VAT) assessed for the transaction and is expected to be refunded in full within 12 months of closing. The two CHP plants will provide electricity and steam under long-term contracts to subsidiaries of Alfa S.A.B. de C.V. The CHP plants are located on sites adjacent to, and interconnected with, Alpek's industrial facilities and have a gross installed capacity of 518MW. Additionally, Contour Global will be acquiring the development rights and permits for a third adjacent plant with a planned capacity of 414MW.