Atlantica Yield plc (NasdaqGS:AY) entered into a preliminary agreement to acquire 51% stake in Tenes water desalination plant in Algeria from Abengoa, S.A. (BME:ABG) for $24.5 million on November 5, 2018. The acquisition is subject to the approval by the Algerian Administration.

Atlantica Yield plc (NasdaqGS:AY) entered into an agreement to acquire 51% stake in Tenes from Abengoa, S.A. (BME:ABG) on January 29, 2019. Of the total consideration, $19.9 million were paid in January 2019 as an advanced payment and the rest is expected to be paid once the conditions precedent are fulfilled. If all the conditions precedent were not fulfilled by September 30, 2019, the advanced payment shall be progressively reimbursed by Abengoa through a full cash-sweep of all the dividends to be received and in any case no later than September 30, 2031, together with an annual 12% interest. In October 2019 the Atlantica Yield received a first payment of $7.8 million through the cash sweep mechanism. As per the article of such conditions precedent were not fulfilled as of September 30, 2019. Therefore, in accordance with the terms of the share purchase agreement the advanced payment was converted into a secured loan to be reimbursed by Befesa Agua Tenes, together with 12% per annum interest, through a full cash-sweep of all the dividends generated to be received from the asset. Francisco José Martínez and Fernando Bernad of Cuatrecasas, Gonçalves Pereira, S.L.P. acted as legal advisor to Abengoa, S.A.

Atlantica Yield plc (NasdaqGS:AY) completed the acquisition of 51% stake in Tenes water desalination plant in Algeria from Abengoa, S.A. (BME:ABG) during the year 2019.