It includes 16 wind farms with a combined capacity of 539 MW and three concentrated solar power (CSP) plants totalling 150 MW.
ACS will sell a 51% stake in its renewables yieldco unit Saeta Yield SA on five Spanish stock exchange.
ACS’s fully-owned unit Energía y Recursos Ambientales will sell the Saeta Yield shares on the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges as well as on the Automated Quotation System. The purpose of the yieldco unit is to generate highly stable and predictable cash flows. It intends to pay about EUR 57 million (USD 66.6m) in dividends per year.
Saeta Yield’s Spanish renewable energy portfolio totals 689 MW. It includes 16 wind farms with a combined capacity of 539 MW and three concentrated solar power (CSP) plants totalling 150 MW.
The firm will sign a Right of First Offer (ROFO) contract with ACS’s industrial service division ACS Servicios Comunicaciones y Energia SL (ACS SI). Initially, the deal will cover 554 MW of renewable power stations plus a transmission line in Peru that can go in Saeta Yield’s hands by 2017. The assets include three CSP plants in Spain and ten wind parks in Mexico, Peru, Uruguay and Portugal. Some of the power facilities are already operational, while all are expected to be up and running by December 2016.
In addition to assets held by ACS SI, the yieldco vehicle will also seek to buy plants from third parties both in Spain and abroad. Bank of America Merrill Lynch, Citigroup and Societe Generale will be serving as global coordinators on the public offering.