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Abengoa reaches an agreement with Algonquin Power & Utilities Corp. for the sale of 16.47 % of Atlantica Yield

April 17, 2018

  • Abengoa continues to satisfactorily fulfill its disinvestment commitments with the complete sell-down of its stake in Atlantica Yield (AY).
  • The Canadian company will hold a 41.47 % stake of the share capital of Atlantica Yield.

April 17, 2018 – Abengoa (MCE: ABG/P:SM), the international company that applies innovative technology solutions for sustainability in the infrastructure, energy and water sectors, has reached an agreement for the sale of its remaining 16.47 % stake of Atlantica Yield to Algonquin Power & Utilities Corp. (APUC).

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, a 41.47 % of the share capital of Atlantica Yield, while Abengoa fully sells down its remaining stake in the US Nasdaq-listed company.

This new sale is subject to certain conditions precedent which include the approval of the transaction by certain regulatory bodies and by Abengoa’s creditors.

The agreed sale price is 20.90 USD per share, which implies a premium of 6.2% over the closing market price of AY on April 16, with total gross proceeds of approximately 345 MUSD before transaction costs and some other possible deductions. The resulting net proceeds will be fully dedicated to debt repayment, as per the financing contracts.

Gonzalo Urquijo, Abengoa’s Executive Chairman, commented on this transaction and stated that “Abengoa continues to implement the plan which was drawn up to ensure the company’s viability, especially, with regards to its divestment commitments. The agreement reached with Algonquin for this second package of shares, in addition to the strategic alliance with this company in relation to AAGES, constitutes another important milestone on a road which will undoubtedly provide us with new opportunities”.

First Agreement with APUC

This new agreement with Algonquin allows Abengoa to complete the full sell-down of its stake in Atlantica Yield. The first agreement, which resulted in an initial sale of a 25 % of Atlantica Yield for 608 MUSD as well as the creation of Abengoa-Algonquin Global Energy Solutions (AAGES), was completed last March.

The constitution of this new company results in new business opportunities for Abengoa as the company will have exclusive rights to develop both EPC (Engineering, Procurement and Construction) and O&M (Operation and Maintenance) activities of all the projects developed by AAGES, in addition to having a preferential right to perform the EPC all projects developed by APUC.

Divestment plan

The sale of the ownership stake in Atlantica Yield is part of Abengoa’s divestment strategy and represents a new step in the viability process the company is currently undergoing. The sale of the stake in Atlantica Yield complements the following recent divestments: a desalination plant in Ghana, the Norte III combined cycle in Mexico, Bioenergy Europe, Bioenergy USA, Ashalim solar thermal plant in Israel, Qingdao desalination plant in China or the sale of the Campo Palomas wind farm in Uruguay, amongst others.

About Algonquin Power & Utilities Corp.

APUC is a diversified generation, transmission and distribution utility with $10 billion of total assets in the US and Canada representing more than 1,250 MW of installed capacity. Through its two business groups, APUC provides rate regulated natural gas, water, and electricity generation, transmission, and distribution utility services to over 750,000 customers in the United States, and is committed to being a global leader in the generation of clean energy through its portfolio of long term contracted wind, solar and hydroelectric generating facilities. APUC delivers continuing growth through an expanding pipeline of renewable energy development projects, organic growth within its rate regulated generation, distribution and transmission businesses, and the pursuit of accretive acquisitions. Common shares and preferred shares are traded on the Toronto Stock Exchange under the symbols AQN, AQN.PR.A, and AQN.PR.D. APUC's common shares are also listed on the New York Stock Exchange under the symbol AQN.

About Abengoa

Abengoa (MCE: ABG/P:SM) applies innovative technology solutions for sustainability in the infrastructures, energy and water sectors. (

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