Abengoa

Companies, World economy 26th April 2023

Abengoa begins Phase 2 of Taweelah desalination plant in Abu Dhabi, first to produce drinking water and generate energy

Alphavalue / Divancons | The Spanish company, in a consortium with the Sepcoiii company, has started commercial operation of Phase 2 of the Taweelah desalination plant, located in Abu Dhabi, following successful completion of the contractual tests. Specifically, it is the largest reverse osmosis desalination plant in the world (909,218 cubic metres/day) and the first to combine the production of drinking water with the generation of clean energy. The project…

In Spain, Spanish economy 19th April 2023

Judge awards Abengoa, Spain’s largest industrial bankruptcy, to Cox Energy

Judge Jesús Gabaldón Codesido, in charge of the liquidation of Abengoa’s most valuable assets, has decided to award those businesses to Cox Energy, the Spanish renewables group founded by Enrique Riquelme. This brings to an end a long process that began months ago, following the collapse of Abengoa, the largest industrial bankruptcy in Spain so far. Santander, CaixaBank, BBVA, Crédit Agricole and HSBC have five days to validate the operation….

Spanish economy 21st March 2023

Bidding for remains of Abengoa enters final stage

The sale of Abengoa’s production subsidiaries is now in its final phase. All that remains is for the judge to make his decision in a process in which four bidders stand out: Urbas, Cox Energy, Terramar and RCP. The fifth bidder in the initial round of bids, Ultramar, has not submitted an improved offer.With all the documents delivered to the Mercantile Court number three in Seville on 3 March, the…

Abengoa anticipates tripling its billing in 10 years

Spanish economy 6th July 2022

Public Administrations Try To Save Abengoa

The Central Government and the Andalusian Regional Government agreed on Monday to “delimit” the network of around 300 subsidiaries of multinational Abengoa that could be saved. This will necessarily require them to have business activity and a workload. In any case, the operation will require the backing of Brussels, according to both administrations. Their work begins this Tuesday with a technical working group to analyse the viability plan presented by…

Spanish economy 26th May 2022

Abengoa Assures It Has Submitted to SEPI All The Documentation Required For The 249 Million Euro Bailout

Abengoa has submitted to the State Industrial Ownership Corporation (SEPI) all the documentation and information required to obtain new financing for a total amount of 249 million euros from the Solvency Support Fund for Strategic Companies. “The application for this SEPI Financing continues to be processed, having submitted all the documentation and information required by SEPI”, the Andalusian company said in a statement sent to the Spanish National Securities Market…

Spanish economy 23rd June 2021

Abengoa, In The Hands Of The Judge

Abengoa has informed the Comisión Nacional del Mercado de Valores (CNMV) that Ernst & Young has requested the 3rd section of the Commercial Court of Seville to suspend the powers of the board of directors. E&Y, at the request of the judge, is in charge of the bankruptcy administration of the company (with more than 5 billion in debt). In addition, E&Y – the insolvency administration – has requested that…

Spanish economy, Spanish Small & Mid Caps 22nd March 2021

Abengoa’s Desperate Situation Or How To Remove The Wreckage Of A Company

Abengoa would have demanded the Solvency Support Fund for Strategic Companies from the Spanish government, a tool designed to help companies affected by the pandemic, for the rescue of its company Abenewco 1, to which it transferred the most valuable assets and activities of the broken parent company. The group would try to preserve these assets and to keep operating a subsidiary in which almost 13,000 employees are still working.

Markets, Spanish economy, Spanish Small & Mid Caps 11th September 2020

The New Abengoa Puts 24 Subsidiaries Up For Sale; Considers Requesting State Aid To Stay Afloat

This operation will serve as compensation for the creditors and suppliers who will assume the removal and capitalization of Abengoa debt. The companies up for sale should be transferred within a year. Most of them are projects which have had the “for sale” sign on them for a while, and their valuation has deteriorated. In 2019, the 10 main assets had a net book value of €1.557 Bn and a negative impact compared to 2018 of €118 M. This is in line with the restructuring agreement approved on August 6.

Markets, Spanish Small & Mid Caps 27th July 2020

Clouds Over Abengoa’s Viability Will Be Cleared This Week

Abengoa’s risk profile was already very high but this has been aggravated to the point where there is no possibility of business continuity due to the situation resulting from the Covid-19. Abengoa and the banks are negotiating against the clock to find a solution that will allow the company to receive 300 million euros before July 31 and avoid bankruptcy proceedings.

Markets, Spanish Small & Mid Caps 20th February 2020

Abengoa Asks To Incur Additional Financial Debt Of €50 M

Abengoa will not complete the partial monetization of the arbitration filed by one of its subsidiaries against Spain for the cut in premiums to renewables applied by the Government in the previous years, after having received a financing offer of up to 50 million euros.

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