Spanish engineering and renewables company Abengoa SA yestoday said it has secured the required consents from its creditors to close the sale of its remaining 16.47% stake in yieldco vehicle Atlantica Yield Plc (NASDAQ:AY).
Canadian renewable energy company Algonquin Power & Utilities has been the largest shareholder of Atlantica Yield with a stake of 25% since March. In April it was announced that Algonquin had agreed to buy from Abengoa an additional 16.5% interest for about USD 345 million (EUR 296m).
The closing of the deal is subject to the fulfillment of the other precedent conditions set in the agreement, Abengoa said. As previously announced, the deal is expected to be completed in the second or third quarter of 2018.
Atlantica Yield has 1.44 GW of renewables in operation, as well as 300 MW of natural gas power plants and transmission lines and water assets.
(USD 1 = EUR 0.857)