Abengoa Yield will acquire the 100MW Helios 1 and 2 solar parks and the 150MW Solnova 1, 3 and 4 facilities in Spain.
The acquisition also includes a 70% stake in the 100MW Helioenergy 1 & 2 plants. The subsidiary already holds a 30% interest in the Helioenergy complex.
Additionally, the yieldco will buy a 51% interest in the 100MW Kaxu CSP plant in the Kalahari desert in South Africa.
The completion of the transaction is subject to customary approvals. Abengoa Yield anticipates to generate about $63m in incremental run rate cash available for distribution per year before debt service related with acquisition financing.
Abengoa has also subscribed for 51 % of the newly-issued shares and will maintain its existing stake in the yieldco vehicle.
Average remaining useful life of the portfolio to be acquired is about 22 years. Helios, Solnovas and Helioenergy have been operating for two to five years.
The Kaxu solar plant is situated in the Kalahari desert in South Africa. Eskom has agreed to buy the energy generate from the plant.
