Abengoa sells share in Abu Dhabi CSP plant to Masdar

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

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

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

June 21, 2024
UAE state-owned renewable energy developer Masdar has reached an agreement to buy 67% stake in Greece's Terna Energy.
June 5, 2024
The development includes the 445MW Bilasuvar solar PV project, the 315MW Neftchala solar PV project, in addition to a 240MW wind project.
June 5, 2024
GCL Tech is to build the Middle East's first polysilicon plant and the company's first overseas facility in the UAE.
May 21, 2024
The World Bank and Masdar have announced a US$159 million financing package to support a 250MW solar-plus-storage project in Uzbekistan.
April 29, 2024
EWEC has awarded development rights for the 1.5GW Al Ajban solar project to French firm EDF Renewables and the Korean Western Power Company.
April 25, 2024
Azerbaijan has announced its first solar auction, for a 100MW project in the eastern municipality of Gobustan.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA
Solar Media Events
October 15, 2024
Santiago, Chile