Davis Polk advised the manager of certain funds in connection with the purchase of €275 million in senior secured notes issued by Atlantica Yield plc pursuant to a new note issuance facility agreement. The notes, the proceeds of which were used to prepay tranche ‘B’ of the issuer’s credit facility, are guaranteed by certain of the issuer’s subsidiaries. 

Atlantica Yield owns, manages and acquires a diversified portfolio of contracted assets in the power and environment sectors. Atlantica Yield owns 22 assets, comprising 1,442 MW of renewable energy generation, 300 MW of conventional power generation, 1,099 miles of electric transmission lines and 10.5 Mft3 per day of water assets. Its portfolio is diversified both by business segment and geography; by geography, Atlantica Yield is present in North & South America, and certain markets in EMEA. Its common stock is listed on NASDAQ under the ticker symbol “ABY.”

The Davis Polk corporate team, which provided New York, U.S. federal and English law advice, included partners Michael J. Willisch, Jeffrey R. O’Brien and Nick Benham and associates Thomas K. Wiesner II and Matthew W. Levy. Partner Jonathan Cooklin and associate Dominic Foulkes provided U.K. tax advice. Partner John D. Paton and associate Omer Harel provided U.S. tax advice. Members of the Davis Polk team are based in the Madrid and London offices.

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