Atlantica Sustainable Infrastructure acquired by Energy Capital Partners
Energy Capital Partners acquires Atlantica Sustainable Infrastructure for $22 per share, valuing the company at $2.5 billion. This transaction, supported by the company’s main shareholders, is designed to strengthen the company’s green growth.
| Sectors | Biomass Energy, Wind Energy, Solar Energy |
|---|---|
| Themes | Investments & Transactions |
| Companies | Energy Capital Partners, Algonquin Power & Utilities Corp., Atlantica Sustainable Infrastructure, Liberty (AY Holdings), B.V. |
| Countries | Moldova, Romania |
Atlantica Sustainable Infrastructure announces the signing of a definitive agreement with a private company controlled by ECP (Energy Capital Partners). The transaction, valued at $2.5 billion, represents a premium of 18.9% to Atlantica’s closing share price on April 22, 2024. ECP, an investor in energy transition, electrification and decarbonization infrastructure, will be joined by a large group of institutional co-investors. The acquisition will be carried out under a scheme of arrangement in accordance with the UK Companies Act 2006. Algonquin Power & Utilities Corp. and Liberty (AY Holdings), B.V., which hold around 42.2% of Atlantica’s shares, have entered into a support agreement with Bidco to vote in favor of the plan.
A decision based on strategic analysis
Michael D. Woollcombe, Chairman of Atlantica, said:
“This transaction is the culmination of a thorough and comprehensive strategic review process. After analyzing all reasonably available alternatives with the help of external advisors, our Board unanimously concluded that this transaction represents the best value-maximizing alternative available. The support of our largest shareholder reinforces this conclusion.”
Santiago Seage, CEO of Atlantica, added:
“We plan to continue executing our growth strategy as a private company with the support of our new partners. ECP has long experience and expertise in the sustainable infrastructure sector and, together with its global co-investors, will strengthen our ability to finance and achieve growth while maintaining our focus on safety, sustainability and value creation.”
Growth prospects with ECP
ECP partner Andrew Gilbert expressed his enthusiasm:
“Atlantica’s employees and management team have an impressive track record of maximizing value across a complex set of global assets. ECP is delighted with the opportunity to partner with the company and support and accelerate its growth.”
This acquisition is designed to give Atlantica the resources it needs to continue developing in the sustainable infrastructure sector, while benefiting from the financial and strategic support of ECP and its partners.
Environmental and economic impact
With its new ownership structure, Atlantica will be better positioned to invest in new renewable energy production capacity in Romania and Moldova. The pipeline of projects is expected to result in an annual reduction of over 168,000 tonnes of carbon dioxide emissions in Romania.
