Benzinga | Dec 14, 2020 08:23AM EST

Atlantica Announces Agreement With Algonquin To Acquire 20 MW Solar Asset In Colombia

December 14, 2020 -- Atlantica Sustainable Infrastructure plc (NASDAQ:AY), the sustainable infrastructure company that owns a diversified portfolio of contracted assets in the energy and environment sectors, announced today that it has reached an agreement with a subsidiary of Algonquin Power & Utilities Corp. ("Algonquin") (NYSE:AQN), a diversified international generation, transmission, and distribution utility with approximately US $11 billion of total assets, to acquire a 20MW solar plant with a 15 year PPA in place in Colombia. The project was developed and is being constructed by AAGES, Algonquin's international joint venture.



The investment is expected to be approximately US $20 million. Closing is expected to occur after the asset reaches commercial operation, which is currently expected in mid-2021. This represents Atlantica's first investment in Colombia, an OECD member country with investment grade rating.

Additionally, Algonquin and Atlantica have agreed to potentially co-invest in additional solar plants in Colombia with a combined capacity of approximately 30MW to be solely developed and built by AAGES.

Santiago Seage, Atlantica's CEO said: "We are happy to co-invest with Algonquin in these projects, in a measured step to enter into a new market like Colombia, with attractive growth prospects for renewables and with similar characteristics to other Atlantica's markets in South America."