Saeta Yield to acquire Carapé I and II Wind Power Facilities in Uruguay
Saeta Yield has reached an agreement with Corporación America and Grupo San José to acquire 100% of Carapé I and II, two operating wind farms for a total cash consideration of c. USD 65 million. This agreement is subject to condition precedents being met. The acquisition will be funded with available liquidity and is expected to close in the first semester of 2017.
The acquisition will be value accretive and cash yield enhancing from year one. Precise details on cash yield and relevant economic figures will be provided on closing.
Once completed, this acquisition will bring significant benefits to Saeta Yield:
- Excellent assets: recently commissioned, good performance, tier I wind turbine supplier and attractive wind resource (above 40% load factor).
- Reliable, long-dated and US dollar denominated PPA with UTE.
- Accretive acquisition, both in terms of cash and returns.
- Geographical and currency diversification of Saeta Yield’s portfolio.
- First step into Uruguay, with two other potential RoFO dropdowns in the country: Kiyú and Vientos de Pastorale (of aprox. 100 MW combined). Saeta Yield will potentially become one of the largest independent players in the Uruguayan wind sector.
- Demonstrates Saeta Yield’s ability to diversify growth through third party acquisitions.