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ABENGOA YIELD
ABENGOA YIELD
First Quarter 2015 Earnings Presentation May, 2015
ABENGOA YIELD
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Disclaimer
ABENGOA YIELD
3
Agenda
Q1 2015 Results 1
New drop-down Acquisition from Abengoa 2
Updated Guidance 3
Q&A 4
ABENGOA YIELD
4
Highlights
Solid cash available for distribution for the period
(Amounts in $M) 3 months March 15
3 months March 14
% Variation
Revenue 118.3 63.8 85.4%
Further Adjusted EBITDA inc. unconsolidated affiliates
(*) 105.2 51.1 105.7%
CAFD 38.5 - n/a
(*) Further Adjusted EBITDA includes dividend from preferred equity investment in Brazil and our share in EBITDA of unconsolidated affiliates.
ABENGOA YIELD
5
Segment information
Good results across all our geographies and business segments
(Amounts in $M) North America South America EMEA
March 15 March 14 ∆ March 15 March 14 ∆ March 15 March 14 ∆
Revenue 55.9 42.8 30.5% 24.4 14.3 71.0% 38.0 6.7 466.8%
Further Adjusted EBITDA inc. unconsolidated affiliates
50.9 37.2 37.0% 25.0 11.0 127.3% 29.2 2.9 891.9%
(Amounts in $M) Renewables Conventional Transmission Water
March 15
March 14
∆ March
15 March
14 ∆
March 15
March 14
∆ March
15 March
14 ∆
Revenue 63.7 20.8 206.4% 31.3 28.8 8.9% 19.2 14.3 34.3% 4.1 - n.m.
Further Adjusted EBITDA inc. unconsol. affiliates
52.8 16.6 218.3% 27.0 23.5 14.9% 20.5 11.1 85.1% 4.9 - n.m.
ABENGOA YIELD Key operational metrics
3 months March 15
3 months March 14
Renewable GWh
Produced 319.0 129.4
Conventional
GWh Produced 627.9 585.3
Electric Availability 101.7% 99.6%
Transmission Availability 99.9% 100.0%
Water Availability 96.8% -
Operational performance in line with expectations
6
ABENGOA YIELD Mojave
280 MW gross, 250 MW net Mojave desert, California
Finished construction in November 2014
Ramp up as planned
Reaching 250 MW net capacity daily
7h 8h 9h 10h 11h 12h 1h 2h 3h 4h 5h 6h 7h
300 MW
200
100
Mojave performance update
7
Real day generation profile
ABENGOA YIELD Cash Flow
Solid cash generation profile in our assets
Q1 2015
3m
Further Adjusted EBITDA inc. unconsolidated affiliates
105.2
Share in EBITDA of unconsolidated affiliates
(5.5)
Interest paid (18.1)
Variations in working capital (4.0)
Increase in ST financial investments (16.7)
Other non monetary adjustments (23.5)
Operating Cash Flow 37.4
Investing Cash Flow (91.2)
Financing Cash Flow (1) (18.6)
Net change in Cash (72.4)
(1) Includes payment of quarterly dividend.
(Amounts in $M)
8
ABENGOA YIELD
Conservative leverage at holding level
(1) Excludes accrued interest of $6.6M. (2) Based on debt as of March 31, 2015 and CAFD guidance for the year 2015.
As of March 15
Corporate Cash at Holding level ($M) 84.9
Net Corporate Debt at Holding level ($M) (1) 291.2
Net project finance debt of operating subsidiaries ($M)
3,614.1
Net Corporate Debt / CAFD pre corporate debt service (2) 1.8
Net Corporate Debt / CAFD pre corporate debt service Target
<3
Financing
9
ABENGOA YIELD
Q2 2014 pro-rata
Q3 2014
Q4 2014
Q1 2015
Q1 dividend
Dividend increase to 0.34$ per share
0.0370
0.2592 0.2592
0.34 (1)
31% increase versus previous quarter
dividend and versus IPO guidance
Dollars per share
(1) Approved by the Board of Directors on May 8, 2015. Dividend per share guidance for the year 2015 provided in the Third Quarter 2014 Earnings Presentation of $1.60, consisting of $0.34 per share for Q1 and Q2 and $0.46 for Q3 and Q4.
IPO guidance
10
ABENGOA YIELD
Honaine (26%) Skikda (34%)
Helioenergy 1/2 (30%)
Shams (20%)
ATN2 (40%)
2/3 of second drop-down executed
$9M incremental CAFD before finance expenses related to acquisition financing
$94M purchase price paid already
Shams and ATN2 pending closing
Second drop-down
11
ABENGOA YIELD
12
Agenda
Updated Guidance 3
Q&A 4
Q1 2015 Results 1
New drop-down Acquisition from Abengoa 2
ABENGOA YIELD Third drop-down
Remaining 70% in Helioenergy (100 MW)
250 MW solar: Helios and Solnovas
Strong track record, between 2 and 5 years in operation
5 year dollarized assets through planned currency swap with Abengoa
Kaxu (51%), 100 MW solar
Contract signed with Abengoa, subject to obtainment of waivers where required and entry into definitive documentation
$63M run-rate incremental CAFD before finance expenses related to acquisition financing, CAFD yield 9.4%
$669M purchase price. Financing already secured with $670M proceeds from capital increase priced at $33.14 per share, pursuant to a private placement resulting in 20,212,260 new shares issued
Call Option signed with Abengoa in December exercised
Transaction approved by the Boards of Directors of ABY and Abengoa
$669M acquisition from Abengoa of 450 MW renewable energy assets with significant accretion already financed
13 Note: assuming a € - US$ exchange rate of €1.00=$1.09
ABENGOA YIELD Helios, Solnovas and remaining
70% of Helioenergy 1/2
14
Helios (100 MW), Solnovas (150 MW) and remaining 70% of Helioenergy 1/2 (100 MW)
Good track record demonstrated: in commercial operation since 2010 and 2012 using parabolic trough technology identical to the existing assets
Management and operational synergies with existing solar assets in Spain
20, 22 and 23 years regulated revenue. Kingdom of Spain rating BBB (S&P), Baa2 (Moody’s), BBB+ (Fitch)
5 years CAFD in U.S.$ considering the proposed currency swap
Project finance in place for each asset
Three Solar Complexes Located in the South of Spain with proven track record and operational synergies, managing euro exposure
ABENGOA YIELD Kaxu
15
51% in a 100 MW solar plant in the Kalahari Desert in South Africa
Solar irradiation higher than in the U.S. Southwest
Very strong local partner, IDC (fully owned by the South African government)
20 year power purchase agreement with Eskom with Department of Energy’s guarantee (BBB-, Baa2, BBB)
Project finance in place
Commercial operation reached in Q1 2015
A 100 MW solar plant in a very high radiation area with an ideal local partner
ABENGOA YIELD Currency hedge
16
Third drop-down assets acquired in
Spain
Existing assets in Spain
Kaxu (South Africa)
Operating currency Coverage
Euro 5 years hedged
Euro 5 years hedged
Rand Local inflation price adjustment
mechanism in the PPA 7% of portfolio1
No Euro exposure after this transaction for 5 years
(1) Based on 2016 CAFD pro forma of the acquisition of third drop-down assets.
ABENGOA YIELD Rationale for currency swap
of European assets
17
Increase in exposure to European assets without Euro exposure in a moment with regulatory certainty and marked up-tick in interest by international and strategic investors
Currency swap with Abengoa is a very efficient structure:
No use of banking / credit lines
Natural hedge with a counterparty that operates in Euro but receives U.S.$ from ABY
All existing and new drop-down assets with CAFD in €
Spot on date of acquisition
5 years
Each quarter with distributions from Euro denominated assets
Scope
Exchange rate
Term
Delivery
ABY re-affirms commitment to maintain >90% US$ CAFD
ABENGOA YIELD
Sector
Geography
Portfolio overview after drop-down 2 and 3
18
Currency 1
91% of long term interest rate exposure fixed or covered
<1% commodity exposure
RoW
North America
South America
Europe
Water
Transmission
Conventional
Renewable
66% 15%
16% 3%
44%
27%
19%
10%
93% US$
7%
Other
Highly diversified portfolio in dollars with limited interest rate and commodity exposure
(1) Including the effect of the currency swap to be signed with Abengoa. Note: all amounts based on 2016 CAFD pro forma of third drop-down from Abengoa.
ABENGOA YIELD
(1) Based on Moody’s rating. Offtakers for Quadra 1&2, Honaine and Skikda are unrated. Offtaker for ATN and ATS is the Ministry of Energy of the Government of Peru and for Spanish assets is the Government of Spain.
(2) Weighted by 2016 CAFD pro forma of third asset drop-down.
High Quality Offtakers(1)
Investment grade counterparties
# of assets by offtaker rating
Weighted(2) average
remaining life: 23 years
Long-Term Contracts Remaining Contract Terms (years) as of December 31, 2014
Assets with unrated off-takers represent less than
4% of the CAFD
19
Stable cash flows from long-dated contracts with investment grade off-takers
Long contracts with credit worthy counterparties providing stable and predictable cash flows
18
19
19
20
20
20
20
20
22
22
23
23
23
23
25
26
29
29
ACT
PS 10/20
Palmatir
Skikda
Quadra 1&2
Kaxu
Cadonal
Solnova 1/3/4
Solacor 1/2
Helios 1/2
Honaine
Palmucho
Helioenergy 1/2
Solaben 2/3
Mojave
ATN
Solana
ATS
A3: 5
N/A: 3
Baa2: 10
Low dependence on natural resources
61% Availability-
based
39% Production-
based
61% of total expected CAFD
expected to come from assets with
contracts based on availability
and not on production
ABENGOA YIELD
20
Agenda
Q&A 4
Q1 2015 Results 1
New drop-down Acquisition from Abengoa 2
Updated Guidance 3
ABENGOA YIELD Updated dividend guidance
Increase in our Dividend per Share expected by up to 9% in 2016 with respect to previous guidance as a result of the third acquisition
from Abengoa
2015 E 2016 E
142 170-178
1.60 1.92-2.00
1.60 2.10-2.15
Current DPS guidance ($)
New revised DPS guidance ($)
8-9% increase in DPS
guidance for 2016
30-34% growth in DPS
expected in 2016 vs 2015
Current CAFD* guidance (M$)
(*) Reflects expected CAFD after interest on corporate debt at the holding level company incurred to finance the acquisitions. 21
ABENGOA YIELD
2016E IPO* 2016
2015 IPO 2015 2020
Mid term guidance
1.60
2.10-2.15 +X
%
18% 2015 vs 15-IPO
Current ROFO agreement with Abengoa
Abengoa developing new assets will increase further the pipeline of projects
Potential third party acquisitions
Dividend per share
> + 20% yearly
1.36
(*) Estimated on the basis of IPO guidance of 1.69 for the twelve months ending on June 30, 2016
+X% +30-34% 2016 vs 15
30-34% yearly DPS growth expected in 2016 and 12-15% yearly growth targeted beyond 2016, resulting in >20% since IPO
+X% +12-15%
yearly
1.70
22
Dollars per share
ABENGOA YIELD
Potential growth sources over the next few years
San Antonio (SAWS)
Wind
Photovoltaics
3 conventional assets with large synergies with existing asset: A3T, A4T, Norte 3
Zapotillo
Other opportunities in different sectors
Atacama 1
Atacama 2
Peru
Brazil
Chile
US Renewables & Water Mexico
Transmission lines South America Chile Solar
23
ABENGOA YIELD ROFO assets under operation or
construction
Sector Asset Stake Country Estimated CAFD run rate (M$)
Tenes 51% Algeria
~ 20-30 Nungua 56% Ghana Agadir 51% Morocco SAWS (San Antonio) 100% US Zapotillo 100% Mexico
A3T 100% Mexico
~ 110-115 A4T 100% Mexico Norte 3 100% Mexico SPP1 51% Algeria Leasing Nicefield 100% Uruguay
ATN2 40% Peru
~ 80-85 ATE XVI-XXI 100% Brazil ATE XXII-XXIV 100% Brazil ATN 3 40% Peru
Solaben 1/6 100% Spain
~ 110-130
Spain PV >90% Spain Khi 51% South Africa Ashalim 50% Israel Atacama I 100% Chile Atacama II 100% Chile Xina 40% South Africa
Total ~ 310-360
More than US$300M estimated in CAFD after the third drop-down w/o assets under development by Abengoa
24
ABENGOA YIELD In Summary
Acquisition of solar assets ($669M) with long tenors (22 years average) and US$ cash flows
1
Consistent with initial IPO investment thesis
Increases US$ currency in portfolio up to 93%1
Third drop-down in less than one year: proves that the Abengoa /ABY relationship works
2
Long-term visibility on potential ROFOs from Abengoa
Abengoa’s JV with EIG (Abengoa Project Warehouse 1) provides additional firepower
Solid trading
3
Q1 results ahead of IPO forecasts
Mojave operating at full capacity
Attractive acquisition yield of 9.4%, implying a significant DPS accretion
4
Revised 2016 DPS guidance from US$1.92-2.0 to US$ 2.10-2.15 per share
Growth catalysts
5
Ample debt capacity for acquisitions: below 1.6x net debt/CAFD proforma vs cap at 3.0x
Credit rating coming in short term
Estimated US$ 310-360 M of CAFD visibility in potential new drop-downs
3rd party acquisitions in US$
(1) Considering 5 year currency swap to be signed with Abengoa. 25
ABENGOA YIELD
26
Agenda
Q1 2015 Results 1
Updated Guidance 3
New drop-down Acquisition from Abengoa 2
Q&A 4
ABENGOA YIELD Appendix
27
ABENGOA YIELD
(1) On September 30, 2013, Liberty Interactive Corporation agreed to invest $300M in Class A membership interests in exchange for a share of the dividends and the taxable loss generated by Solana. (2) Reflects the counterparty’s issuer credit ratings issued by Standard & Poor’s Ratings Services, or S&P, Moody’s Investors Service Inc., or Moody’s, and Fitch Ratings Ltd, or Fitch, respectively. (3) USD denominated but payable in local currency. (4) Refers to the credit rating of Uruguay, as UTE is unrated. (5) During the initial 5-year period, we have the right to receive, in four quarterly installments, a preferred dividend of $18.4 million per year.
Asset Type Gross Capacity Offtaker Rating(2)
Renewable Energy
Years Contract
Left
Solana
Mojave
Solaben 2/3
APS A-/A3/BBB+
PG&E BBB/A3/BBB+
Kingdom of Spain
BBB/Baa2/BBB+
Palmucho
Quadra 1&2 Sierra Gorda Not rated
Endesa Chile BBB+/Baa2/BBB+
Peru BBB+/A3/BBB+
Palmatir UTE BBB-/Baa2/BBB- (4)
Status
Operation
Operation
Operation
Operation
Operation
Operation Electric Transmission
Conventional Power
ATS
Economic Stake
100%(1)
100%
100%
100%
100%
100%
Location
USA (Arizona)
USA (California)
Spain
Chile
Chile
Peru
Uruguay
Currency
USD
USD
Euro
USD
USD
USD
USD
ACT Pemex BBB+/A3/BBB+ Operation 100% Mexico USD (3)
Preferred Instrument -
N/A; cash account & dividend
subordination Brazil USD
Exchangeable Preferred Equity in ACBH
Operation
(3)
280 MW
280 MW
2x50 MW
81 miles
6 miles
569 miles
50 MW
300 MW
$18.4M
p.a.(5)
29
25
23
20
23
29
19
18
-
Cadonal 50 MW UTE BBB-/Baa2/BBB- (4) 20 Uruguay USD Operation 100%
Solacor 1/2 BBB/Baa2/BBB+ 74% Spain Euro
PS 10/20 Euro Spain BBB/Baa2/BBB+ 100%
2x50 MW
31 MW
22
19
Operation
Operation
Kingdom of Spain
Kingdom of Spain
Water Skikda Sonatrach & ADE Not rated Operation 34% Algeria USD (3) 3.5 Mft3/day 20
Honaine Sonatrach & ADE Not rated Operation 26% Algeria USD (3) 7 Mft3/day 23
ATN Peru BBB+/A3/BBB+ Operation 100% Peru USD (3)
362 miles 26
(3)
(3)
Helioenergy 1/2 Euro Spain BBB/Baa2/BBB+ 30% 2x50 MW 23 Operation Kingdom of Spain
70%
Diversified asset portfolio both by business sector and by geography
Sizeable and diversified asset portfolio
28
ABENGOA YIELD
Capacity 250 MW
Country Spain
Shareholding Abengoa (100%)
COD 2010 Solnovas, 2012 Helios
Offtake
Structure 25 years regulated revenue from state-owned regulators (CNMC)
Currency Euro (dollarized through separate agreement)
Off-taker Kingdom of Spain
Off-taker rating BBB (S&P) / Baa2 (Moody’s) / BBB+ (Fitch)
Revenue Fixed payment based on capacity + variable payment based on net
electricity produced
O&M
Term 20 years
Contractor Abengoa
Project Finance Solnovas
Term 22 years
Amount Solnova 1: €202.8 M as of December 31, 2014
Solnova 3: €197.1 M as of December 31, 2014
Solnova 4: €185.6 M as of December 31, 2014
Cost Solnova 1: Euribor +1.25%; 80% hedged (100% Swap at 4.76%)
Solnova 3: Euribor +1.15%; 80% hedged (30% Swap at 4.34%,
70% Cap at 4.65%)
Solnova 4: Euribor +1.60%; 80% hedged (100% Swap at 4.87%)
Project Finance Helios
Term 20 years
Amount Helios 1: €139.7 M as of December 31, 2014
Helios 2: €140.8 M as of December 31, 2014
Cost Euribor +3.50% until October, 2016; Euribor + 3,75% until October
2018, Euribor 4,25 of 75% hedged (100% Swap at 3.85%)
Assets Overview Description
Assets Location
Solnova 1/3/4 is a 150 MW solar complex, located in the municipality of Sanlucar la Mayor, Spain
Helios 1/2 is a 100 MW solar complex, located in Ciudad Real, Spain
Helios and Solnovas
Solnova 1/3/4
Helios 1/2
29
ABENGOA YIELD
Capacity 100 MW Solar parabolic trough
Country South Africa
Shareholding Abengoa Solar South Africa (51%); IDC (29%); BEE Community
Trust (20%)
COD Q1 2015
PPA Take or Pay contract
Term 20 years from COD (extendible)
Currency ZAR
Off-taker Eskom Holdings with DoE guarantee
Off-taker rating Moody´s (Baa2)/ S&P (BBB-)/ Fitch (BBB)
EPC Provider Abengoa
O&M
Term 20 years
Contractor Abengoa
Project Finance
Term 18 years
Amount ZAR 5,860 M (~ $486 M)
Cost - Start date: 12/15/15
- End date: 12/15/30
- Rate: ~11% (considering hedge)
100 MW solar parabolic through with storage capacity up to 3 hours, located in Pofadder (South Africa)
Financing agreement for 18 year loan signed on 2012
In commercial operation since Q1 2015 (March)
Kaxu
Kaxu
30
Assets Overview Description
Assets Location