Benzinga | Mar 1, 2021 08:26AM EST

Atlantica Announces Acquisition Of 135 MW Renewable Energy Plant In California; Says Investment To Be ~$170M And To Close In 1H 2021

March 1, 2021 -- Atlantica Sustainable Infrastructure plc (NASDAQ:AY) ("Atlantica"), 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 to acquire Coso Geothermal Power Holdings, LLC ("Coso"), a 135 MW geothermal power plant, from a consortium of investors (the "Consortium") including Bardin Hill Investment Partners LP, Avenue Capital LP, Corre Partners Management, LLC and Voya Financial.



As the third largest geothermal power plant in the United States, Coso plays a critical role in supporting California's decarbonization efforts. Atlantica's investment is expected to be approximately US $170 million1 and to close in the first half of 2021, subject to customary conditions and regulatory approvals. The asset provides base-load, non-intermittent, renewable energy to the California ISO and has PPAs signed with three investment grade offtakers, with 19 years average contract length.

Santiago Seage, Atlantica's CEO, said: "We are thrilled to announce an investment in a contracted renewable energy asset that fits perfectly in our portfolio, increases our presence in the renewable sector in North America and reaffirms our goal to transition towards a more sustainable world."

Jason Dillow, CEO and CIO of Bardin Hill, added, "It has been a pleasure working alongside Coso's experienced management team, the other shareholders, including Avenue Capital, Corre Partners, and Voya, and the asset management team at Middle River Power over the past number of years to ensure the company's continued success in contributing to the world's energy transition. Coso has found a terrific new home with Atlantica."

Following the close of the transaction, Coso's existing management team and the asset management team at Middle River Power will continue to lead the plant's operations.