Abengoa will begin construction of an inverse osmosis desalination plant of 909,000 cubic metres per day in Taweelah (UAE), which will be the largest plant of this kind of technology in the world. The project is valued at more than $700 M (623 M€), of which $243 M (216 M€) corresponds to Abengoa over the next 3 years, according to the Sevilla-based firm´s communication to the regulator (CNMV).
Ana Fuentes | “The European project is suffering an identity crisis” affirms Josep Piqué, former Spain’s Foreign Minister who now sits on the boards of Abengoa and Seat. “If Europe loses solidarity, it disappears as a political subject. We are at this crossroads. We don´t lack ideas, we lack the leadership and political capacity to implement them.
Abengoa has presented its 10 year viability plan. The company anticipates to reach a turnover of 2.86 billion euros in 2023 and 4.202 billion euros in 2028. Moreover, its portfolio of will increase from 1.75 billion euros in 2019 to 4.01 billion euros in 2028, thanks to identified projects, whose value rises to almost 30 billion euros.
Abengoa has been chosen as the technological partner for the construction of the biggest solar complex in the world in Dubai. The size of the contract to be directly executed by Abengoa is $650 million (some 550 million euros).
It seems Abengoa has reached an agreement with its main creditors who did not accept the plan (Liberty, Zurich and Exim US) to refinance its existing debt with a new bond issue under the same economic terms as the former senior debt but with a maturity date of six months earlier (up to March 2022).
Abengoa is considering selling the remaining 16.5% stake it holds in Atlantica Yield and some investment funds could be interested, press reports say.
Abengoa posted net profit of 4,733 million euros in the nine months to September 2017, compared with losses of 5.413 billion a year earlier, due to the impact of the company’s financial restructuring on its balance sheet.
Abengoa has signed a contract with Algonquin Power & Utilities Corp. (APUC), which provides public services in the renewable and regulated energy sector, for the sale of a 25% stake in Atlantica Yield for $607 million.
Carax Alphavalue |After earning the unhappy reputation of being the protagonist in Spain’s biggest ever bankruptcy case, engineering and renewable energy company Abengoa could be worth taking another look as a summer investment bet – albeit a high risk one.
Pablo Fernández | A company uses its accounts (balance sheet and profit and loss account) and its annual report to communicate its past peformance and its current situation. But are these accounts a real reflection of the company’s financial health? Abengoa is a case in point.