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Atlantica Sustainable Infrastructure plc (NASDAQ: AY) is a prominent player in the field of sustainable infrastructure, focusing on owning, managing, and acquiring a diversified portfolio of contracted assets in the power and environment sectors. The company operates high-quality facilities that have been recently constructed and boast long useful lives, ensuring stable and long-term cash flows.
Atlantica's portfolio comprises 20 assets, which include 1,441 MW of renewable energy generation, 300 MW of conventional power generation, 1,099 miles of electric transmission lines, and 10.5 million cubic feet per day of water assets. These assets have contracted revenues, with 95% of cash available for distribution coming from assets where off-takers have investment-grade ratings. The remaining 5% is from unrated off-takers. As of December 31, 2015, the assets have a weighted average remaining contract life of approximately 22 years.
The company's operations are geographically diversified across North America (the United States and Mexico), South America (Peru, Chile, Brazil, and Uruguay), and EMEA (Spain, Algeria, and South Africa). The renewable energy sector notably includes the production of electricity from solar power and wind plants.
Atlantica has experienced significant growth and stability due to its long-term contracts with creditworthy counterparties. Additionally, the company is engaged in multiple projects worldwide, reflecting its commitment to sustainable growth and environmental responsibility.
In a recent development, Atlantica entered into a support agreement with Algonquin Power & Utilities Corp. (AQN) and Energy Capital Partners to be acquired by a private limited company controlled by Energy Capital Partners. This transaction values Atlantica at approximately $2,555 million, with an 18.9% premium to its closing share price as of April 22, 2024. The transaction is expected to close in the fourth quarter of 2024 or early first quarter of 2025, pending regulatory and shareholder approvals.
The strategic acquisition aims to optimize the value of Atlantica's investments and assist AQN in its transition to a pure-play regulated utility. This move is anticipated to bring further financial stability and growth opportunities to Atlantica in the long term.
Algonquin Power & Utilities Corp. (TSX: AQN) (NYSE: AQN) announces a support agreement with Energy Capital Partners and Atlantica Sustainable Infrastructure plc (NASDAQ: AY). AQN's subsidiary Liberty, holding 42.2% of Atlantica shares, will vote in favor of Bidco's acquisition of Atlantica for $22.00 per share, a transaction valuing Atlantica at approximately $2,555 million. This represents an 18.9% premium on Atlantica's closing price on April 22, 2024. Proceeds from AQN's $1,077 million stake will help reduce debt and focus on becoming a pure-play regulated utility. The transaction, subject to several approvals, is expected to close by late 2024 or early 2025.
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