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Spain's Abengoa starts process to sell stake in U.S. unit: source
April 4, 2017 / 3:02 PM / 6 months ago

Spain's Abengoa starts process to sell stake in U.S. unit: source

A tower belonging to the Abengoa solar plant is seen at the "Solucar" solar park in Sanlucar la Mayor, near the Andalusian capital of Seville, southern Spain March 4, 2016. REUTERS/Marcelo del Pozo

MADRID (Reuters) - Spanish renewable energy and engineering company Abengoa (ABG.MC) has started the process of selling the 41 percent stake it still owns in U.S. utility assets operator Atlantica Yield (ABY.O), a source close to the company said on Tuesday.

Abengoa, which announced the completion of a restructuring at the end of March, is being advised on the sale by Lazard, Santander, and Caixabank, the source said.

“The idea is to sell the stake in a block to an institutional investor ... within three to six months, with the aim of closing if possible in summer,” the source said.

Lazard and Caixabank were not immediately available to comment. Santander declined to comment.

The 41 percent stake would be worth about $900 million at current market prices.

Reporting by Jose Elias Rodriguez; Writing by Isla Binnie; Editing by Julien Toyer, Greg Mahlich

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