Canadian energy company Algonquin Power & Utilities Corp is to form a joint venture with Spanish outfit Abengoa to identify, develop and construct clean energy and water projects around the world.
Algonquin has also agreed to take a 25% equity interest in Atlantica Yield, which owns almost 1.5GW of renewable energy assets, from Abengoa for $608m.
The joint venture’s priority will be to complete near-term construction projects that are closely aligned with Algonquin’s “criteria for international development”, the company said.
Algonquin chief executive Ian Robertson said: “The formation of the joint venture with Abengoa and our investment in Atlantica are important first steps in Algonquin’s strategy to enter markets outside of Canada and the US.”
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Canadians take world view
Algonquin forms JV with Abengoa to develop renewables projects globally
By EBS