Saeta Yield closes the acquisition of Lestenergia in Portugal for 104 million euros, with international recurrent cash flow now representing 18%

Saeta Yield has completed the acquisition of Lestenergia, a portfolio of nine operational wind farms totalling 144 MW located in Portugal. The cash consideration of the acquisition is approximately 104 million euros (representing a total enterprise value on the acquisition date of 186 million euros, including the existing debt). The deal will increase recurrent cash available for distribution by 2.4 million euros, to 75.5 million euros, a 19% rise on the figure announced on the Company’s IPO in 2015. Saeta Yield plans to achieve 50% of this cash flow from foreign sources by 2019. With this acquisition, the Company is a step closer to achieving that target, with 18% of cash flow from foreign sources and 23% of its installed capacity in Portugal and Uruguay.

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Saeta Yield increases revenues by 22% up to 157 million euros, and EBITDA by 24% up to 110 million euros

Saeta Yield reinforced its consistent and growing dividend policy in the first half of the year after recording a 37% increase in the Cash flow of its operational assets, according to results approved by the Board of Directors chaired by José Luis Martínez Dalmau. This increase in Cash flow, the key variable for defining the Company’s dividend payment, was due to a significant increase in income and EBITDA, 22% and 24% respectively. The Company intensified its profitable growth strategy and the diversification of geographic risk through the purchase of two wind farms in Uruguay, finalised last May, and the announcement of the acquisition agreement of Lestenergia in Portugal.

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Saeta Yield agrees to acquire Lestenergia from Grupo ACS for EUR 104 million

Saeta Yield has reached an agreement with ProCME, a Portuguese subsidiary of Grupo ACS, to acquire 100% of Lestenergia, a portfolio of 9 operating wind farms located in Portugal with a total installed capacity of 144MW. The total cash consideration for the acquisition is c. EUR 104 million (representing a total enterprise value of EUR 186 million). The transaction will be funded from Saeta Yield’s available liquidity. It is expected to close before year end. This is the second international transaction by Saeta Yield in 2017, following the acquisition last May of Carapé I and II in Uruguay. This makes the company advance on its international growth strategy, and reduces the dependency from Spain in terms of revenues.

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Saeta Yield approves its second quarterly dividend for 2017 for the sum of 0.189 euros per share

The Saeta Yield Board of Directors, chaired by José Luis Martínez Dalmau, today agreed on the payment of a dividend charged to the share premium for the sum of 0.189 euros per share. So far this year, the Company has approved a dividend for the sum of 0.57 euros per share, 4.8% higher than the same dividend for 2016. This dividend, which on an annualised basis would be at an implicit figure of around 0.76 euros per share, is 8% higher than the initial dividend expected by Saeta Yield on its flotation in February 2015.  The purchase of the wind farms Carapé I and II in Uruguay and the refinancing of the Manchasol 2 solar thermal plant last May has made this growth possible.

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“In one year, 40% of Saeta Yield’s income will be obtained from overseas assets”

The CEO of Saeta Yield, José Luis Martínez Dalmau, yesterday stated during the company’s General Shareholder’s Meeting held in Madrid that “in one year, 40% of Saeta Yield’s income will be obtained from overseas assets”, compared with 10% currently, in order to diversify its activities internationally. Saeta Yield launched its international expansion in May with the acquisition of the wind farms Carapé I and II in Uruguay for some $65 million, which was also its first purchase of third party assets. It now intends to continue to buy assets in countries like Portugal, Mexico and Uruguay, where it has access to various options through a right of first offer (RoFO) with its sponsors, ACS and Bow Power. It is also not ruling out new third party purchases.

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Saeta Yield underpins its dividend policy. The acquisition of Carapé in Uruguay and the refinancing of Manchasol 2 should allow to increase the implicit annual dividend per share to 0.76 euros

Saeta Yield announced today a strengthening of its shareholder remuneration policy. The acquisition of Carapé in Uruguay and the refinancing of Manchasol 2 should allow to increase the implicit annual dividend per share to 0.76 euros, 1% higher than the previous figure and 8.9% higher than the initial dividend at the IPO In February 2015. This improvement is due to the favorable outlook of the company with respect to the evolution of its recurring cash flow, a figure that grows up to 73.1 million euros. These dividend will have to be approved by the Board of Directors every quarter.

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Saeta Yield completes the acquisition of the Carapé I and II wind farms in Uruguay

Yesterday, José Luis Martínez Dalmau, Saeta Yield’s Chairman and CEO, signed the acquisition of 100 per cent of Carapé I & II, two wind farms in operation in Uruguay, for a total outlay of approximately $ 65 m. This is Saeta Yield’s first international operation, which diversifies its portfolio and represents a 12% increase of its total installed capacity to 884 MW.

The acquisition of Carapé I & II has been agreed with Corporación América and Grupo San José and will be funded with Saeta Yield’s available own funds. The effective account consolidation of the assets will take place from 25 May, 2017 onwards.

The wind farms are located in the Maldonado Province, Uruguay, comprise a total of 31 3.075 MW Vestas V112 wind turbine generators and have a total capacity of 95 MW, with a load factor of 44%.

Both facilities have been in operation for over a year and sell their power under a longterm power purchase agreement (PPA) – at $ 76 per MWh – with the National Administration of Power Plants and Electrical Transmissions (UTE), the main electric utility and the operator of the power transmission network in Uruguay. The average remaining life of these price agreements is 21 years.

The acquisition is additive in terms of value, and has a double-digit internal equity rate of return for the funds invested by Saeta Yield. Likewise, these assets will generate additional cash flows right from the first year, which means the project will entail a cash yield exceeding 10 per cent – before taking into account the funding cost.

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Saeta Yield increases its revenue by 42% up to 70.2 million euros, and its EBITDA by 40% up to 43.1 million euros

In the first quarter of 2017 Saeta Yield increased its cash flow from operating assets by 10.4% up to 41.8 million euros, which reinforces its dividend policy. The positive increase in revenues and EBITDA – with growth of 42% and 40% respectively – explains this increase in cash flow. The company will continue with the operational asset purchase strategy, which generates value for its shareholders and increases dividends, after announcing its first international acquisition in Uruguay during the first quarter.

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Saeta Yield increased dividend payment by 69% in 2016, reaching 59 million euros (0.727 euros per share)

The Saeta Yield Board of Directors, chaired by José Luis Martínez Dalmau, approved the 2016 accounts today as well as the next quarterly dividend payment on 7 March, for the total of 0.188 euros per share, which in implicit annual terms amounts to 0.753 euros per share, vs. 0.727 euros paid in 2016. Consequently, the company boosts its sustainable and growing dividends policy and leads the Spanish stock exchange in terms of dividend profitability, above 9% annually. In 2016, Saeta Yield increased its dividend payment by 69%, with a total disbursement of 59 million euros. Takings grew by 27% up to 280 million euros, EBITDA grew by 28% up to 199 million euros, and the net profit by 87%, up to 30 million euros.

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