Abengoa Yield completes financing, buys power assets from affiliate Abengoa

Abengoa Yield (NASDAQ: ABY) said Dec. 4 that it has closed a previously-announced bank credit facility that consists of a four year bullet facility in the amount of $125m and was signed with a syndicate of five banks.

Those banks HSBC, Bank of America Merrill Lynch, Citi, RBC and Santander. The facility bears interest at Libor + 275 basis points, driving the weighted average cost of existing corporate debt to approximately 5.9%.

In addition, Abengoa Yield said it has closed the acquisition of Solacor 1/2 and PS10/20, the two largest assets within the $312m acquisition from Abengoa announced in September. The first asset acquisition from Abengoa also includes Cadonal, a 50-MW wind farm, which Abengoa Yield expects to close once the asset reaches commercial operation by the first quarter of 2015. Solacor and PS a concentratings power assets with a combined capacity of 131 MW located in Spain. Cadonal is a wind farm located in Uruguay.

Abengoa Yield is a total return company that owns a diversified portfolio of contracted renewable energy, power generation and electric transmission assets in North America, South America and Europe. It has signed an exclusive agreement with Abengoa, which provides it with a right of first offer on any proposed sale, transfer or other disposition of any of Abengoa’s contracted renewable energy, conventional power, electric transmission or water assets in operation located mainly in the U.S, Canada, Mexico, Chile, Peru, Uruguay, Brazil, Colombia and the European Union.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.