Atlantica Yield buys Abengoa’s subsidiary in Mojave and Solana concencentrated solar power plants

Updated:2019-08-15 15:20Source:evwind
Atlantica Yield has signed the purchase of 100 percent of ASI Operations to Abengoa, the company that provides the operation and maintenance services of the Solana and Mojave concentrated solar power plants in the United States.
 
The amount of this transaction, sealed on July 30, is 6 million dollars (5.3 million euros) and the company that directs Santiago Seage will be obliged to pay an amount equal to the cash flow generated by ASI from from June 30, 2021 and until June 30, 2023 provided certain conditions are met by the Andalusian engineering.
 
With this acquisition, Atlantica Yield, controlled by Canada’s Algonquin, reduces its dependence on Abengoa as a provider of the operation and maintenance of the two US solar thermal plants, while reducing the costs of these services between 0.5 and 0, 6 million dollars (between 0.4 and 0.5 million euros) annually. In addition, if Abengoa does not fulfill its obligations in the Solana concentrating solar power plant improvement contract, including long-term payments agreed in the context of the consent of the DOE (United States Department of Energy), the yieldco would lower another 0.5 million dollars (0.4 million euros) per year.
 
The divestment in ASI Operations is part of a framework agreement between Abengoa and Atlantica Yield whereby it will acquire assets for 27 million dollars (24.1 million euros). With this, Andalusian engineering can settle debts with its former subsidiary. In addition to ASI Operations, the British firm listed on the Nasdaq agreed to purchase 15.12 percent of Rioglass Solar Holding, the manufacturer of mirrors for the solar thermal and photovoltaic industries. Likewise, the sale and advance payment of various credit rights associated with some Abengoa projects, such as the SPP1 solar-gas hybrid plant.

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