It might not be a good 2016 for Spain\u2019s largest renewable energy company, Abengoa SA, as it teeters on bankruptcy following a huge stock price fall by more than 50% when the company announced on November 25 that it failed to close a deal with a major new investor, Gonvarri Steel Industries, a subsidiary of the international metals company Gestamp. Gonvarri said it would not proceed with a plan to invest EUR250 million ($371 million) in Abengoa.<\/p>\n
Abengoa said it will continue negotiations with its creditors under the protection of the Spanish Insolvency Law. It now has four months to reach an agreement with creditors to avoid a full-blown insolvency process and reportedly the biggest Spanish bankruptcy on record.<\/p>\n
Abengoa reportedly has around $9.5 billion of gross debt. In the US, Abengoa Bioenergy reportedly intends to operate its ethanol plants in a normal course of business according to this recent article\u00a0from Biomass Magazine. Abengoa Bioenergy opened its 25 million gal\/year cellulosic ethanol plant in October last year. \u00a0The plant is said to be still in a ramp-up phase, which is expected to last through 2016.<\/p>\n
Abengoa reportedly invested more than $3 billion in renewable energy projects in the US including solar power projects. \u00a0Most of Abengoa\u2019s renewable energy assets in the US are owned by Abengoa Yield, the US-based subsidiary of of Abengoa SA.<\/p>\n
Abengoa also has several internal small projects and patents on the bio-based chemicals front such as bio-based n-butanol and catalysts to produce ethanol-based chemicals.<\/p>\n","protected":false},"excerpt":{"rendered":"
It might not be a good 2016 for Spain\u2019s largest renewable energy company, Abengoa SA, as it teeters on bankruptcy following a huge stock price fall by more than 50% when the company announced on November 25 that it failed to close a deal with a major new investor, Gonvarri Steel Industries, a subsidiary of […]<\/p>\n","protected":false},"author":59,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","nova_meta_subtitle":"","footnotes":""},"categories":[5572],"tags":[],"supplier":[580,11484],"class_list":["post-30987","post","type-post","status-publish","format-standard","hentry","category-bio-based","supplier-abengoa","supplier-gonvarri-steel-industries"],"_links":{"self":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts\/30987","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/comments?post=30987"}],"version-history":[{"count":0,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/posts\/30987\/revisions"}],"wp:attachment":[{"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/media?parent=30987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/categories?post=30987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/tags?post=30987"},{"taxonomy":"supplier","embeddable":true,"href":"https:\/\/renewable-carbon.eu\/news\/wp-json\/wp\/v2\/supplier?post=30987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}