The Spanish regulator has approved plans by US company TerraForm Power to acquire Saeta Yield, which owns more than 1GW of renewable energy assets, for $1.2bn.
Spain’s national securities market commission (CNMV) confirmed a tender offer to buy 95% of the shares in Saeta Yield by 12 June.
TerraForm Power is also able to procure the outstanding 5% under statutory rules because more than 90% of the shares are to be acquired. The closing date for the 5% is 3 July, it said.
Saeta Yield’s portfolio includes 778MW of onshore wind and 250MW of concentrated solar mainly in Western Europe.
The projects have an average age of six years.
TerraForm Power will fund the purchase through a $650m private placement at the price of $10.66 a share. The remaining $550m will be financed with “available liquidity”.
TerraForm Power chief executive John Stinebaugh said: “With 100% of Saeta’s assets integrated into the TerraForm Power platform, we will be able to accelerate the realisation of operational and financial synergies and will enjoy an expanded platform for growth in Europe.”
Image: Pixabay
TerraForm gains Spanish assent
By EBS