Algonquin Power expanding abroad in new deal with Spanish firm Abengoa
Posted Nov 1, 2017 4:18 pm.
Last Updated Nov 1, 2017 4:40 pm.
This article is more than 5 years old.
OAKVILLE, Ont. – Algonquin Power & Utilities Corp. (TSX:AQN) says it is partnering with Spain-based Abengoa, S.A. on a new joint venture focused on global clean energy and water projects.
The company says it will also buy a 25 per cent interest in Atlantica Yield plc from Abengoa for about US$608 million to expand its international project portfolio.
Algonquin says the Atlantica deal will give it cash flow from the company’s long-term contracted clean energy and water infrastructure assets.
It says the Abengoa partnership offers near-term development opportunities representing some US$300 million in investment opportunities.
The company says Atlantica owns and operates 21 facilities including clean power generation, electricity transmission lines and desalination plants.
Algonquin is a diversified utility with generation, transmission and distribution assets in Canada and the United States.
