Abengoa Yield unveils EUR-200m notes offering

Oct 28, 2014 - Abengoa Yield Plc (NASDAQ:ABY), the yieldco unit of Spanish engineering firm Abengoa SA (BME:ABG), said yesterday it had launched a EUR-200-million (USD 254m) offering of senior notes due 2019.

Abengoa Yield owns a number of solar and wind parks around the world in addition to some conventional power assets and electric transmission lines. The firm said it would use the proceeds from the notes offering in combination with cash on hand to fund the previously announced purchase of 181 MW of renewable energy assets in Spain and Uruguay from its parent. More specifically, Abengoa Yield had agreed to buy the Solacor and PS concentrating solar power (CSP) plants in Spain, which total 131 MW, plus the 50-MW Cadonal wind park in Uruguay for a total of USD 323 million (EUR 254.5m).

The notes Abengoa Yield is selling to qualified institutional investors will be guaranteed by some of its subsidiaries.

The current portfolio of Abengoa Yield includes the 280-MW Solana solar park in the US state of Arizona and the 280-MW Mojave solar plant in California. The firm also has 70% stakes in each of the 50-MW Solaben 2 and 3 solar farms in Spain. In addition, it owns the 50-MW Palmatir wind park in Uruguay.

(EUR 1.0 = USD 1.269)

Choose your newsletter by Renewables Now. Join for free!