Abengoa, the international company that applies innovative technology solutions for sustainability in the infrastructure, energy and water sectors, in connection with the agreement with Algonquin Power & Utilities Corp. (APUC) for the amendment of the option granted with respect to the 16.47% stake held by the Company in Atlantica Yield, announces that, subject to payments due to be completed on the closing date, all conditions precedent to completion have now been satisfied and the sale will be completed in the coming days.
Thereby, the Canadian company, which had already acquired a 25% of the capital in a process that was successfully completed last March, reaches now, with this second package of shares, 41.47 % of the share capital of Atlantica Yield, while Abengoa fully sells down its remaining stake in the US Nasdaq-listed company.
The agreed sale price reached in April for the 16.47% of AY was 20.90 US$ per share (last closing price of AY prior to the agreement), which implies a premium of 6.2% over the closing market price of AY on April 16 and 8% over the closing yesterday November 21. This transaction represents a total amount of US$345 million, which must be reduced by US$20 million in transaction costs and other deductions, as well as additionally US$40 million which will be temporarily withheld until certain contingencies are released. The resulting net proceeds, US$285 million, will be fully allocated to debt repayment, as per the financing contracts.
It is expected that the estimated date of collection of the operation will occur on November 27, while the repayment of the debt is estimated to occur a few days later.
The first agreement, which resulted in an initial sale of a 25% of Atlantica Yield for US$608 million as well as the creation of Abengoa-Algonquin Global Energy Solutions (AAGES), was completed last March 2018.
Canada’s National Energy Board has issued its decision approving the Manitoba Hydro – Manitoba-Minnesota Transmission Project subject to 28 conditions, and the approval of the G...
Read morePattern Energy Group Inc. has announced it has entered into an agreement for the sale of the company’s 90 MW minority owned interest in the K2 Wind power facility in Ontario (Canada) f...
Read moreInnergex Renewable Energy Inc. has announced the completion of the acquisition of TransCanada’s 62% interest in five wind farms in the Gaspé peninsula in Quebec known as Baie-des-Sab...
Read morePotentia Renewables Inc. was successful in the latest wind energy procurement process to SaskPower. A 25-year power purchase agreement for a 200 MW of low-price power electricity was signed...
Read moreNalcor Energy has announced that it has directed Astaldi to stop work on the Muskrat Falls hydropower project. Astaldi is the main contractor for the 824 MW project, but is allegedly failing...
Read more