Abengoa to sell off bioenergy arm for a billion bucks
In Spain, as part of its complete restructuring to avoid bankruptcy, Abengoa has decided to sell off Abengoa Bioenergy—possibly in three parts: Europe, Brazil and the US—for a total of roughly $1.08 billion dollars. The company has already received possible offers from investment funds, as well as from a local Brazilian investor for the Brazilian piece. The news coincides with Interstate Commodities filing suit against the company in a St. Louis court for $760,000 in unpaid delivered corn.
One bioenergy has been peeled off, the company will focus on engineering, EPC for third clients and some project development especially in solar and thermal solar technologies. In order to pay off immediate debts as required by the bankruptcy court, it will sell off various properties in Spain, Germany and the Middle East, including its headquarters in Seville, for around $163 million. In addition, it will look to sell various energy, water and other installations located around the world for another $1.3 billion.
Category: Fuels
