Abengoa Yield's IPO proceeds reach USD 829m gross

Jun 16, 2014 - Abengoa SA (MCE:ABG) of Spain said today its US-based unit Abengoa Yield plc (NASDAQ:ABY) has raised USD 828.8 million (EUR 612.4) gross from its listing on the Nasdaq after the over-allotment option was exercised in full.

The "yieldco vehicle" sold 24.85 million shares as part of the initial public offering (IPO), while the underwriters purchased an additional 3.73 million to cover over-allotments.

Abengoa Yield was set up as a dividend growth-oriented firm to 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.

Citigroup (NYSE:C) and Bank of America (NYSE:BAC) acted 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.

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