Accelerating Exit from Coal
A new milestone in ContourGlobal’s sustainable energy transition
Since the KKR acquisition in 2022, ContourGlobal has been on an accelerated transformation journey, further strengthened in 2024 by the appointment of new management led by CEO Antonio Cammisecra and the introduction of a new industrial strategy. This strategy sets a clear course: portfolio decarbonization, accelerated growth in renewables and battery energy storage (BESS), and a relentless focus on operational performance and reliability.
Historically, ContourGlobal’s thermal fleet included high-efficiency gas peakers and baseload assets, as well as liquid-fuel and coal-fired power plants. Coal, in particular, represented a material part of the business, accounting for 32% of revenues and more than 15% of Adjusted EBITDA in 2022. With the launch of the new strategy “The Right Power Forward” in 2024, the company committed to a full coal exit before 2027 and began executing decisive actions to deliver on the commitment. The results of this strategy have produced a great milestone, reached in the year of ContourGlobal’s 20th anniversary.
In 2025, ContourGlobal’s coal-related revenues fell below 7%* while coal’s contribution to Group Adjusted EBITDA declined to just 0.3%, the lowest level in the company’s history.
* coal-related revenue fell to 2% excluding coal revenue from Sochagota before its sale in February 2025 and excluding CO2 passthrough from Maritsa
Following the expiration of the long-term PPA with NEK in February 2024, coal operations at the Maritsa East 3 (ME3) power plant in Bulgaria were significantly reduced, as market conditions no longer supported continuous operation.
Two of the plant’s four units were placed in reserve, with the remaining units dispatched only during peak‑demand periods to support national grid security. At the same time, ContourGlobal rapidly advanced its energy‑transition agenda by developing a 500 MWh Battery Energy Storage System (BESS) inside the existing ME3 site. Built on a 25,000 m² area inside the existing power plant boundary, the BESS leverages ME3’s established grid infrastructure, allowing rapid deployment and seamless integration into Bulgaria’s electricity system, without additional land disturbance.
The project is partially funded by the European Union’s NextGeneration EU initiative through Bulgaria’s National Recovery and Resilience Plan.
ContourGlobal further advanced its thermal transition with the sale of the 177 MW Sochagota coal-fired power plant in Colombia in early 2025. The company first invested in the asset in 2006 and consolidated full ownership in December 2022.
After assessing repurposing to lower-carbon options and considering the plant’s continued relevance for Colombia’s electricity market, ContourGlobal completed the sale of 100% of its shareholding to a Latin American power generator with more than 30 years of regional presence. The transaction marked another concrete step in reshaping the portfolio toward a lower-carbon footprint, while ensuring operational continuity for the local energy system.
ContourGlobal’s thermal‑transition efforts are unfolding in parallel with substantial renewable expansion across the portfolio. Since 2024, the company has added new renewable projects in the United States, Chile and Greece, as well as executed repowering initiatives for existing renewable plants in Italy and Austria. These developments enabled the company to reach nearly 2 GW of operating renewable capacity, along with more than 1.7 GW of renewable projects under construction by the end of 2025.
This green growth is already reshaping the emissions profile of the business: fleet emissions total energy intensity (tCO₂e/MWh) continues to decline year on year, resulting in a ~30% reduction as of year-end 2025 compared to 2022 levels, from ~0.46 tCO₂e/MWh (2022) to ~0.32 tCO₂e/MWh (2025).
Sustainable Finance Leadership
This operational progress has been matched by strengthened financial credibility. In 2025, ContourGlobal reinforced its position in sustainable finance with the issuance of a $1.1 billion Green Bond, rated Excellent by Sustainable Fitch—a notable achievement in the sector. With ~60% of proceeds allocated one year after issuance, the bond has already helped position the company as a global player in renewable energy, including battery energy storage, contributing to the commissioning of 3 GWh of BESS projects. Looking ahead, the remaining Green Bond capacity, combined with strong operating cash flow, will continue to drive the next phase of growth.
This includes the upcoming construction of the largest renewable asset in ContourGlobal’s portfolio in the United States, alongside the launch of new renewable and storage developments across core geographies. Meanwhile, the company’s decarbonization strategy remains firmly on track—with a planned exit from coal before 2027.
