Abengoa Announces Its Third Assets Sale to Abengoa Yield

WASHINGTON, May 11, 2015 (GLOBE NEWSWIRE) -- Abengoa (MCE:ABG.B/P SM) (Nasdaq:ABGB), the international company that applies innovative technology solutions for sustainability in the energy and environment sectors, today announced that it has reached an agreement with Abengoa Yield to sell a third asset package comprised of four renewable assets for a total cash proceeds of approximately 614 million euros. The transaction has been approved by both Abengoa Yield and Abengoa's board of directors. Closing is subject to the customary approvals.

The assets consist of:

  • Helios 1 and 2 (100MW solar complex), Solnova 1, 3 and 4 (150 MW solar complex) and the remaining 70 % stake in Helioenergy 1 & 2 (100 MW solar complex of which Abengoa Yield already owned a 30 % stake), all in Spain.
  • A 51 % stake in Kaxu, a 100 MW solar complex in South Africa.

Abengoa will subscribe 51 % of the capital increase that Abengoa Yield has priced to finance this acquisition

The call option agreement to purchase up to 100 M$ in concessional assets, at a 12 % yield, signed with Abengoa Yield in December 2014 has been exercised in this transaction.

About Abengoa

Abengoa (MCE:ABG.B/P SM) (Nasdaq:ABGB) applies innovative technology solutions for sustainability in the energy and environment sectors, generating electricity from renewable resources, converting biomass into biofuels and producing drinking water from sea water. (www.abengoa.com)

Forward-looking statements

This press release contains forward-looking statements. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this document, including, without limitation, those regarding our future financial position and results of operations, our strategy, plans, objectives, goals and targets, our future development in the markets in which we operate or intend to operate or anticipated regulatory changes in the markets in which we operate or intend to operate. In some cases, forward-looking statements can be identified by the terminology used such as "aim", "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast, "guidance", "is likely to", "may", "plan", "potential", "predict", "projected", "should" or "will" or the equivalent negative terms or other similar expressions or terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Our actual results of operations, financial position and the evolution of events may be materially different (and more negative) those made in, or suggested by, the forward-looking statements.

Factors that could cause actual results to differ from those contemplated above include, among others, general economic conditions, changes in government expenditure budgets, challenges in making acquisitions, changes in public support of renewable energy, weather conditions, legal challenges to regulations, changes to subsidies and incentives that support renewable energy sources, government regulations, the volatility of energy and fuel prices, counterparty credit risk, failure of customers to perform under contracts, our ability to enter into new contracts as existing contracts expire, reliance on third-party contractors and suppliers, failure of newly constructed assets to perform as expected, failure to receive dividends from assets, changes in our tax situation, unanticipated outages at our generation facilities, the general situation of the capital markets and our ability to maintain and grow our quarterly dividends.

Furthermore, any dividends are subject to available capital, market conditions, and compliance with associated laws and regulations. These factors should be considered in connection with information regarding the risks and uncertainties that may affect Abengoa's future results and Abengoa's securities registered with the U.S. Securities and Exchange Commission (www.sec.gov).

Abengoa undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, new events or any other type of development.

CONTACT: Communication Department Patricia Malo de Molina Melendez. Tel. +34 954 93 71 11 E-mail: communication@abengoa.com Investor relations Ignacio Garcia Alvear. Tel. +34 954 937 111 E-mail: ir@abengoa.comSource:Abengoa