By Jason Deign
Abengoa, the Spanish renewable infrastructure developer, is thought to be hunting buyers for assets, including a large amount of storage, as it faces bankruptcy.
The company filed for preliminary creditor protection a fortnight ago after failing to secure funds from investors led by Gonvarri Corporación Financiera. It now has four months to secure an agreement with creditors.
Given scale of the business, which employs 7,000 people in Spain and many more abroad, it is possible the company might be bailed out by whichever party wins general elections in Spain this December 20.
In any event, however, it seems likely the business will be forced to sell much of its project portfolio to offset debts that may amount to more than €20bn.
According to data from Abengoa’s website, that portfolio includes a total of 27 hours of molten salt storage tied to some 360MW of solar thermal plant generation, spread across three projects in South Africa and one in Chile.
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