Abengoa and EIG Global Energy Partners will invest about $2.5bn in a newly formed company to acquire new clean energy projects, worth over $9.2bn.

Both the companies plan to set up Abengoa Projects Warehouse 1 (APW1) in the next four to six weeks.

EIG will hold 55% stake in the new venture and Abengoa will own the remaining 45% interest.

The new company will acquire projects that Abengoa is constructing such as renewable and conventional power generation, power transmission and water management assets in the US, Mexico, Brazil and Chile.

APW1 will sign a right-of-first-offer (ROFO) agreement between Abengoa and Abengoa Yield.

It will also sign a new ROFO to invest in new projects that Abengoa wins in the future.

The new company plans to reinvest about 100% of the initial equity in a second set of projects, extending its activity for the next eight years and adding another $6bn to $7bn of value.

Spanish firm Abengoa and the US-based EIG have worked together since 2007. EIG co-invested with Abengoa for the development of an ethanol plant in France.

EIG is a specialist investor in energy and energy-related infrastructure with about $15bn under management.