in News Departments > New & Noteworthy
print the content item

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.


Trachte Inc._id1770
Latest Top Stories

Federal Appeals Court Finds Obama's Wind Farm Decision Unconstitutional

A federal appeals court ruled that the U.S. government violated the constitutional rights of Chinese-owned Ralls Corp. when ordering the divestment of four Oregon wind farms.


Renewables Make Up Over 50% Of New U.S. Power In First Half Of 2014

According to a recent government report, renewable energy sources, such as wind and solar, continue to dominate new electric generating capacity.


Suzlon Facility Lends Key Assist In Developing 'The Wind Technicians Of Tomorrow'

The turbine manufacturer’s Elgin, Ill.-based training facility is the culmination of a program that puts a new twist on a proven method of instruction.


Having Their Say: CanWEA Clarifies True Source Of Canadian Wind Success

The Canadian Wind Energy Association (CanWEA) takes issue with a recent report summary regarding various renewable energy policies in North America.


FWS Issues Landmark Eagle Take Permit: What Does It Mean For Wind Projects?

The U.S. Fish and Wildlife Service's (FWS) recent decision has far-ranging implications for operating wind farms, as well as for those under development.

Renewable NRG_id1934
Navigant_id1983