Spain's Abengoa SA announced yesterday that its US-based unit Abengoa Yield plc has raised US$828.8 million gross from its listing on the Nasdaq after the over-allotment option was exercised in full.
Demand for shares in the initial public offer (IPO) of Abengoa Yield was more than 16 times what was on offer. The "yieldco vehicle" sold 24.85 million shares as part of the IPO, while the underwriters purchased an additional 3.73 million to cover over-allotments.
Abengoa Yield is a dividend growth-oriented company formed to serve as the primary vehicle through which Abengoa will own, manage and acquire renewable energy, conventional power and electric transmission lines and other contracted revenue-generating assets, initially focused on North America and South America, as well as Europe.
Abengoa has two energy projects in USA. The firm owns the 280MW Solana concentrating solar power (CSP) park in Arizona and is also building the 280MW Mojave CSP plant in California, which is scheduled to be operational this year. In theory, these assets and other will be transferred to Abengoa Yield.