BEVERLY, Mass., Sept. 11, 2018 (GLOBE NEWSWIRE) -- ATN (NASDAQ: ATNI) announced today that its subsidiary Ahana Renewables, LLC, has entered into an agreement to sell its distributed generation solar power systems in Massachusetts, California, and New Jersey to CleanCapital Holdco 4, LLC, a financial technology investor in clean energy. Ahana owns and operates 28 commercial solar projects at 60 sites with an aggregate 46.9 megawatts of electricity generating capacity. The estimated total transaction value is $122 million, inclusive of debt assumption and subject to certain estimated post-closing adjustments. ATN purchased these assets on December 24, 2014 at a transaction value of $103 million. As of June 30, 2018, we estimate these assets have generated unlevered free cash flow (income from operations less capital expenditures) of $53 million.
“We are pleased that CleanCapital has recognized the quality and value of these solar power facilities developed and operated by the team at Ahana,” said Michael Prior, Chief Executive Officer of the Company. “This sale allows us to capture an attractive return on our initial U.S. solar investment, while we continue to invest in and operate solar power facilities in other markets and look for additional opportunities. The U.S. market has seen increasing consolidation and the formation of large portfolios backed by large institutional and industrial funding. At ATN’s size and return requirements, this is a market environment where it made sense for us to recycle capital and deploy it in less commoditized situations where we have the opportunity to create additional value.”
ATN and Ahana were advised by Media Venture Partners, LLC and Morgan, Lewis & Bockius, LLP on this transaction, which is expected to close in the fourth quarter of this year.
About Ahana Renewables
Ahana Renewables, a subsidiary of ATN International, Inc., is a specialized investment firm focused on alternative energy and long-lived real assets. The company brings its experience to various infrastructure asset classes, capitalizing on bankable technology and strong project fundamentals. Ahana Renewables’ core expertise lies in deal sourcing, public/private contract negotiations and financial structuring to take controlling, owner/operator positions in projects and portfolios. Headquartered in San Francisco with offices and affiliates in Massachusetts, Singapore, and Hyderabad, the company currently operates distributed solar portfolios in the United States and India. More information is available at www.ahanarenewables.com.
About ATN
ATN International, Inc. (Nasdaq: ATNI), headquartered in Beverly, Massachusetts, invests in and operates communications, energy and technology businesses in the United States and internationally, including the Caribbean region and Asia-Pacific, with a particular focus on markets with a need for significant infrastructure investments and improvements. Our operating subsidiaries today primarily provide: (i) advanced wireless and wireline connectivity to residential and business customers, including a range of mobile wireless solutions, high speed internet services, video services and local exchange services, (ii) distributed solar electric power to corporate and government customers and (iii) wholesale communications infrastructure services such as terrestrial and submarine fiber optic transport, communications tower facilities, managed mobile networks, and in-building systems. For more information, please visit www.atni.com.
