Atlantica Sustainable Infrastructure plc, a sustainable infrastructure company, has reached an agreement to acquire a 49% interest in a 596 MW portfolio of four wind assets located in Illinois, Texas, Oregon and Minnesota.
Atlantica’s initial investment is expected to be approximately $196.51 million. The portfolio has no debt as of today and Atlantica expects to potentially raise non-recourse debt in the future in order to reduce the investment.
“This investment, which should be highly accretive to Atlantica, increases and diversifies our presence in North America while it allows us to continue delivering on our ESG commitments,” says Santiago Seage, CEO of Atlantica. “These assets present significant repowering opportunities and will offer a substantial value post-PPA.”
The assets have power purchase agreements (PPAs) with investment-grade off-takers with five years average remaining contract life and have demonstrated proven operational track records. Closing is expected to take place in the third quarter and is subject to customary conditions and regulatory approvals.
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