Abengoa Yield to finance asset purchase with revolving credit facility

By Tali Rackner

Norfolk, Va., July 27 – Abengoa Yield plans to use its recently upsized revolving credit facility to finance the acquisition of Solaben 1/6, a 100 megawatt solar complex in Spain, according to a press release.

The total consideration is $370 million. In addition to the revolver, which was recently expanded by $290 million, the company said it also plans to use cash on hand for the acquisition.

With this transaction, the company will have acquired assets of roughly $1.5 billion since its initial public offering at an average acquisition yield of about 9%.

Seville, Spain-based Abengoa is an industrial and technology group.

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