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.
The refinancing operation of the Manchasol 2 solar thermal plant results in an increase in the company’s annual recurrent CAFD of 4.6 million euros, thanks to a reduction in the financial cost of the debt and an increase in the repayment term. This operation has generated between 10 and 20 million euros net present value for the company without the need to contribute any equity.
The new financing agreement consists of two tranches, one for 159 million euros with a syndicate of 5 financial institutions and a second tranche of 40 million euros with an institutional investor.
The thermosolar plant Manchasol 2, located in Ciudad Real (Spain), has an installed capacity of 49.9 MW. The parabolic cylinder concentrated solar technology of the plant has a storage capacity of more than 7 hours and a solar field of 510,000 m2. In 2016 it produced 135 GWh of electricity, revenues of 39 million euros and an EBITDA of 27 million euros.