February 14 (Renewables Now) - The board of Spanish renewables yieldco Atlantica Yield Plc (NASDAQ:AY) has formed a committee to evaluate various strategic alternatives available to the company, it was announced today.
Atlantica Yield said in a statement that this committee has been mandated to review a “wide range” of options, but did not specify whether that includes a sale of the yieldco. No timetable has been set with regard to the conclusion of the process.
Canada’s Algonquin Power & Utilities (TSX:AQN) is a major shareholder in Atlantica Yield. It bought a 16.5% stake in the yieldco last November from Spanish engineering and renewables company Abengoa SA (BME:ABG) for USD 345 million (EUR 306m), thus building a total ownership interest of 41.5%.
At present, Atlantica Yield owns 22 assets, comprising 1,446 MW of renewable energy capacity, 300 MW of natural gas plants, 1,099 miles of electric transmission lines along with some water assets, according to its website.
The company will report its financial results for 2018 after the market close on February 28, 2019.
(USD 1.0 = EUR 0.887)