Abengoa announces its first asset sale to Abengoa Yield

Abengoa has announced it has entered into a definitive agreement with Abengoa Yield, subject to the closing of financing, to sell three renewable facilities for a total amount of US$323 million.

The transaction has been approved by both Abengoa Yield’s and Abengoa’s boards of directors.

The renewable assets sold consist of: Solacor and PS, Concentrating Solar Power assets with a combined capacity of 131 MW located in Spain, and Cadonal, a 50 MW wind farm located in Uruguay.

Solacor complex involves to projects. Solacor 1 which started commercial operation on February 1, 2012 and Solacor 2, which started commercial operation on September 21, 2012. These two plants, with a total of 121,000 installed parabolic mirrors combined, covering an area the size of about 300 soccer fields, concentrate sunlight and generate steam at a temperature of 400 degrees. The steam drives two 50-MW turbines which generate electricity.

The two plant are located in El Carpio, in Cordoba (Spain) wich has excellent solar radiation and is an ideal site for a solar power plant in Europe.

PS complex involves two projects, PS10 and PS20. PS20 is the world’s second commercial power tower. Like PS10, this 20 MW plant is located at the Solúcar Complex, Sanlúcar la Mayor (Seville). PS20 went online in mid-2009 while PS10 went online in mid-2007.

The closing of the operation is scheduled to be formalized before the end of the year and is framed within the right of first refusal agreement signed by both companies.