ECP will acquire Atlantica Sustainable Infrastructure for $2.55 billion

Energy Capital Partners (ECP) has agreed to acquire British renewable energy developer Atlantica Sustainable Infrastructure for $2.55 billion.

Atlantica owns a variety of assets including renewable energy, storage, efficient natural gas, power transmission and water resources in the Americas and select EMEA markets.

At the end of March 2024, the company operated renewable power plants with a total capacity of 2.2 GW. In the first quarter of the year, the company recorded revenues of $242.9 million.

Atlantica shareholders will receive $22 in cash for each share they own.

The offer represents a premium of 18.9% to the closing price of Atlantic’s shares on April 22, 2024, the day before media speculation about the transaction appeared.

Algonquin Power & Utilities Corp and its subsidiary Liberty (AY Holdings), which collectively own 42.2% of Atlantica, have said they support the acquisition.

The transaction is the culmination of a thorough strategic review by Atlantica to explore options for the company’s future.

Completion of the acquisition is subject to shareholder and regulatory approvals.

The parties expect to finalize the transaction by the fourth quarter of 2024 or the beginning of the first quarter of 2025.

Atlantica CEO Santiago Seage stated: “As a private company, we expect to continue to execute on our growth strategy with the support of our new partners.

“ECP has a long track record and expertise in the sustainable infrastructure sector and, together with its global co-investors, will enhance Atlantica’s ability to finance and deliver growth while focusing on safety, sustainability and value creation.”

ECP partner Andrew Gilbert said: “Atlantic’s employees and management team have a long and impressive history of maximizing value across a complex set of global assets.

“ECP is excited to partner with the company and support and accelerate its growth.”

The text “ECP to acquire Atlantica Sustainable Infrastructure for $2.55 billion” was originally created and published by Power Technology, a brand of GlobalData.

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