Atlantica buys 135 MW Coso Geothermal Power Plant in California

Atlantica Sustainable Infrastructure plc has reached an agreement to acquire Coso Geothermal Power Holdings, LLC, a 135 MW geothermal power plant, from a consortium of investors including Bardin Hill Investment Partners LP, Avenue Capital LP, Corre Partners Management, LLC, and Voya Financial.

Atlantica’s investment is expected to be approximately US$170 million and to close in the first half of 2021, subject to customary conditions and regulatory approvals. The asset provides base-load, non-intermittent, renewable energy to the California ISO and has PPAs signed with three investment-grade off-takers, with 19 years average contract length.

Following the close of the transaction, Coso’s existing management team and the asset management team at Middle River Power will continue to lead the plant’s operations.