Jun 13, 2014 - Spanish group Abengoa SA (MCE:ABG) said Thursday it expects to raise gross proceeds of over USD 720 million (EUR 532m) from the initial public offering (IPO) of its US-based "yieldco vehicle" on the Nasdaq bourse.
Abengoa plans to sell 24.9 million of Abengoa Yield plc's ordinary shares at USD 29 apiece. The underwriters will have 30 days to buy up to an additional 3.7 million of stock from an affiliate of Abengoa SA.
Abengoa Yield was set up to own own, manage and acquire renewable energy assets, conventional power plants, electric transmission lines and other contracted revenue-generating assets. Initially it will focus on the US, Mexico, Latin America and Spain. Nearly all of the IPO proceeds will be received by Abengoa in exchange for transferring certain assets to the yieldco unit, the Spanish firm said previously.
The IPO is subject to customary closing conditions and is expected to be wrapped up on June 18. The shares of the dividend growth-oriented firm will start trading on the Nasdaq Global Select Market under the “ABY” ticker on June 13.
Citigroup (NYSE:C) and Bank of America (NYSE:BAC) will act as underwriters of the IPO.
Abengoa owns the 280-MW Solana concentrating solar power (CSP) park in Arizona and is also building the 280-MW Mojave CSP plant in California, which is to come on stream this year.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.