Atlantica Sustainable Infrastructure plc (Atlantica) announced the closing of its underwritten public offering of 4,408,000 ordinary shares. In addition, 661,200 ordinary shares were sold pursuant to the full exercise of the underwriters’ over-allotment option. The shares were sold at a price of US$33.00 per share to raise total gross proceeds of approximately US$167.3 million.
In addition, Algonquin Power & Utilities Corp. (Algonquin), Atlantica’s significant shareholder, has committed to purchase 4,020,860 ordinary shares of the company in a private placement. The private placement is expected to close on January 7, 2021, in each case subject to customary closing conditions.
Atlantica intends to use the proceeds of the transaction to finance growth opportunities and for general corporate purposes. The public offering was, and the private placement will be, effected by way of a cash box structure and will be made on a non-pre-emptive basis.
Latham & Watkins advised BofA Securities as representative of the underwriters in the transaction with a capital markets team led by London partners Ryan Benedict and Chris Horton, and Madrid partner Ignacio Gomez-Sancha, with Milan lawyer Irene Pistotnik and London associates Anna Ngo and Fred Gardner.