The sale includes 100MW Helios 1 and 2, 150MW Solnova 1, 3 and 4, and a 70% stake in 100MW Helioenergy 1 & 2 solar complexes.
Abengoa Yield will also acquire a 51% stake in the 100MW Kaxu concentrated solar power (CSP) plant in Kalahari desert in South Africa.
With an estimated operational life of 22 years, the assets under transaction are expected to generate incremental annual run rate cash for distribution of approximately $63m.
To finance the acquisition, the company plans to use $670m proceeds of a capital increase, pursuant to issuance of 20,217,260 new shares. Abengoa has agreed to subscribe for a 51% of the new shares.
The companies have also exercised the previously signed call option agreement, to purchase up to $100m in concessional assets at a 12% yield.
Abengoa Yield and Abengoa’s board of directors have approved the transaction, which is subject to certain customary approvals.
