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TerraForm Power completes 95% acquisition of Saeta Yield for $1.12B

TerraForm Power Inc. said in a June 12 SEC filing that it completed the tendered purchase of 95% of Saeta Yield SA's outstanding shares at €12.66 per share for a total consideration of $1.12 billion.

The shares acquired under the tender offer include the 48% stake in Saeta Yield owned by Cobra Concesiones SL, incorporated in Spain, and GIP II Helios SARL, incorporated in Luxembourg.

TerraForm funded the acquisition of the 95% interest in the Spanish independent power producer with $650 million received from the issuance of its class A shares to affiliates of sponsor Brookfield Asset Management Inc., $30 million drawn on its sponsor line of credit, $359 million drawn on its corporate revolving credit facility and about $82 million cash on hand.

Based on the purchase of more than a 90% stake in Saeta Yield, TerraForm said it still intends to pursue a squeeze-out offer under Spanish law to acquire the remaining 5% equity. The offer for the remaining stake is expected to close July 3.

Saeta Yield owns assets primarily in Spain, including 778 MW of onshore wind and 250 MW of concentrated solar.