Abengoa To Transfer 450 MW CSP Capacity To Yieldco In €614 Million Deal

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There’s a new yieldco on the block, Abengoa Yield, and the company will take over a number of concentrated solar power projects from its parent and developer, Abengoa Solar.

The Spanish project developer has announced that it will transfer power generation assets in Spain and South Africa to its yieldco. The assets to be sold off include Helios 1 and 2 complexes with total generation capacity of 100 MW, Solnova 1,3, and 4 projects with combined generation capacity of 150 MW, and Helioenergy 1 & 2 with 100 MW capacity, all of which are located in Spain. Yield will also take up a 51% stake in the Kaxu solar power project in South Africa. All projects are concentrated solar power (CSP) plants.

Abengoa Yield will also have the first right to buy any additional projects that the parent company plans to sell in the future. These projects would not only include solar power plants, but also conventional power plants, power transmission projects, and water assets.

Abengoa Solar has solar power projects in US, Canada, Mexico, Chile, Peru, Uruguay, Brazil, Colombia, and throughout the European Union. Abengoa has secured 3 CSP projects under South Africa’s Renewable Energy Independent Power Producer Procurement Programme. Apart from KaXu Solar One, South Africa’s first CSP project, the company is also working on Khi Solar and Xina Solar projects. The combined generation capacity of these projects is 250 MW.

Transfer of renewable energy assets to yieldco vehicles by project developers has become a popular practice over the last few months. This allows the developers to streamline operations and eventually raise additional funds by floating initial public offers for the yieldco.

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