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Algonquin Power completes transfer of stake in 2 solar farms

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Algonquin Power completes transfer of stake in 2 solar farms

Algonquin Power & Utilities Corp. has transferred an indirect controlling stake in two solar facilities to its recently completed joint venture with Abengoa SA.

Under the deal, Abengoa-Algonquin Global Energy Solutions acquired a 25% equity stake in Atlantica Yield plc, the upstream owner of the 280-MW Solana facility in Maricopa, Ariz., and the 280-MW Mojave facility in San Bernardino, Calif, according to a March 19 regulatory filing.

The parties closed the transaction on March 9, the same day Algonquin Power completed its purchase of a 25% stake in Atlantica Yield from Abengoa for $608 million, plus a contingent payment of up to 60 cents per share that is payable two years after deal closing.

The Federal Energy Regulatory Commission approved the deal on Feb. 2. (FERC docket EC18-30)