Business
Algonquin Power & Utilities Corp. Completes Formation of AAGES Joint Venture and Purchase of 25% Interest in Atlantica Yield plc
Algonquin Power & Utilities Corp. Completes Formation of AAGES Joint Venture and Purch...
About this update from Algonquin Power & Utilities Corp.
[{"type":"text","content":"\n\n\n\nAlgonquin Power & Utilities Corp. Completes Formation of AAGES Joint Venture and Purchase of 25% Interest in Atlantica Yield plc\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nAlgonquin Power & Utilities Corp. Completes Formation of AAGES Joint Venture and Purchase of 25% Interest in Atlantica Yield plc\nCanada NewsWire\nOAKVILLE, ON, March 9, 2018\n\n\n\n\nInternational development joint venture combines core competencies of APUC and Abengoa and provides near-term development opportunities from Abengoa construction projects \nInvestment in Atlantica provides APUC with an interest in a diverse portfolio of long-term contracted clean energy and water infrastructure assets \nAtlantica dividends accretive to APUC's earnings and cash flow per share\n\n\n\nOAKVILLE, ON, March 9, 2018 /CNW/ - Algonquin Power & Utilities Corp. (\"APUC\") (TSX/NYSE: AQN) announced today that it has completed the previously announced formation of a joint venture (\"AAGES\") with Seville, Spain-based Abengoa S.A. (MCE: ABG) (\"Abengoa\") that will be focused on the development and construction of global clean energy and water infrastructure assets.  The AAGES joint venture offers a balanced approach for APUC's strategic entry into important global markets, capitalizing on Abengoa's broad international presence and expertise.\n\nAPUC also announced today that it has completed the previously announced purchase of a 25% equity interest in Atlantica Yield plc (NASDAQ: AY) (\"Atlantica\") from Abengoa for a total purchase price of approximately U.S. $608 million, based on a price of U.S. $24.25 per ordinary share of Atlantica, plus a contingent payment of up to U.S. $0.60 per share, payable two years after closing, subject to certain conditions.  The 25% equity interest represents approximately 25 million shares and entitles a subsidiary of APUC to receive Atlantica's dividend of U.S. $0.31 per share, to be paid on or about March 27, 2018. \n\nAtlantica owns and operates a diverse, long-term contracted portfolio of 22 facilities representing 1.7 GW of clean...