Abengoa sells share in Abu Dhabi CSP plant to Masdar

February 5, 2016
Facebook
Twitter
LinkedIn
Reddit
Email
Abengoa began insovlency proceedings last November. Credit: Abengoa

Spanish renewables giant Abengoa, which entered insolvency proceedings last November, has sold its 20% share in the 100MW Shams-1 concentrated solar power (CSP) plant in the United Arab Emirates to Abu Dhabi-based renewable energy company Masdar.

Abengoa previously held a stake in the CSP plant as part of a joint venture with Masdar and French energy company Total.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

The sale is part of a non-strategic disinvestment plan that was previously announced by Abengoa, totaling approximately EUR1 million (US$112 million). The firm has already completed the sale of its former offices in Madrid and other non-strategic assets. The company expects to close further transactions in the coming days.

Last November Abengoa began insolvency proceedings after Gonvarri, an arm of industrial group Gestamp, decided against a plan to invest around €350 million into the company.

José Domínguez Abascal, chairman of Abengoa, said: “Income from the sale of assets will be used to cover expenses of the company in order to face the negotiation process under Article 5 of the Spanish Insolvency Law.

“We are committed to transforming the business in order to adapt to the changing environment, while keeping characteristic aspects of the company like cutting-edge technology and innovation which have defined Abengoa since its very beginning,” he added.

Read Next

October 16, 2025
Masdar and Turkey have entered the final stage of US$1 billion agreement to develop the 1.1GW plant in Bor, Niğde Province, central Turkey.
October 15, 2025
A report by IRENA and others has highlighted the need for yearly renewable energy deployments to almost double between now and 2030.
October 13, 2025
France’s Engie and the UAE’s Masdar have been chosen to jointly develop a 1.5GW PV power plant near Abu Dhabi.
August 20, 2025
The consortium building the Al Sadawi PV power plant in Saudi Arabia has reached financial close on the 2GW project.
July 22, 2025
Chinese module manufacturer JA Solar will supply 1GW of solar modules to UAE power company Masdar for two projects in Azerbaijan. 
July 7, 2025
ReNew has received a non-binding final acquisition offer from a consortium at US$8 per share, which is 13.2% more than their earlier offer.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK