UK-listed yieldco Abengoa Yield has rebranded to Atlantica Yield in an attempt to put distance between itself and its struggling founding parent.
Spanish-based Abengoa filed for preliminary creditor protection in late November in order to gain access to €113 million in liquidity from lenders so as to pay its wages and suppliers through the end of 2014, according to reports.
While the current ticker symbol “ABY” will be maintained, the name of the company will officially change once it is approved by shareholders at the next annual general meeting.
The company formerly known as Abengoa Yield has also announced the appointment of a new chief financial officer (CFO), Francisco Martinez-Davis. The post had been empty since September, when former CFO Eduard Soler resigned.
Martinez-Davis was most recently CFO for Madrid's metropolitan rail service operator Cercanias Madrid. He previously worked as deputy general manager in finance and treasury at Spain's Telefonica Moviles and was formerly the CFO for supermarket chain Dinosol. He also has about 10 years of experience working in investment banks in New York and London, including JP Morgan and BNP Paribas.
Atlantica Yield is currently invested in 10 solar plants, two wind farms, one conventional power station, six electricity transmission assets and two water projects. The company holds a majority interest in all but its water projects, with 100 percent stakes in all bar three of its solar assets.
Its investments are located in Spain, the US, Algeria, South Africa, Chile, Peru, Uruguay, Mexico and Brazil. All of the company's contracts are US dollar-denominated except for its South African assets.