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Following in the footsteps of such developers as Pattern Energy and NextEra, Abengoa has announced a new yieldco, Abengoa Yield PLC, and intends to commence an initial public offering (IPO) of the unit.

Abengoa Yield will serve as the primary vehicle through which Abengoa will own, manage and acquire renewable energy, conventional power, electric transmission lines and other contracted assets, initially focused on North America, South America and Spain.

Abengoa says it has filed an application for listing of the ordinary shares of Abengoa Yield on the NASDAQ Global Select Market under the symbol ABY. The company expects gross proceeds of approximately $600 million, prior to underwriting commissions and discounts and other offering expenses. The underwriters of the offering will have a 30-day option to purchase up to an additional 15% of that amount from Abengoa, to cover over-allotments, if any.

Abengoa Yield intends to distribute all of the net proceeds of the offering, less $30 million to strengthen its liquidity position, to Abengoa as part of the consideration payable to Abengoa for the transfer of assets to Abengoa Yield.

Citigroup and BofA Merrill Lynch are acting as global coordinators of the IPO.  Canaccord Genuity, HSBC, RBC Capital Markets and Banco Santander are acting as joint bookrunners.

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