MENA’s Pool Of Developers Can Absorb Abengoa Sales

Précis:

Abengoa’s exit from the Shams 1 plant is to be followed by other global asset sales but highly competitive developers are set to fill any gaps left in fast growing Middle East and North Africa markets.

The vertically integrated CSP developer announced February 4 the sale of its 20% stake in the 100 MW Shams 1 plant in Abu Dhabi, United Arab Emirates, to plant partners Total and Masdar.

Sponsors

The sale forms part of a program of disinvestments by Abengoa aimed at avoiding bankruptcy and significant strategic selloffs are expected. Struggling with debt, Abengoa cut its full-year targets in early 2015 and stepped-up asset sales, but share prices plummeted in the second half of the year and the company filed for creditor protection on November 25.

Image:

Premium`:

Image Caption & notes

Image Caption:

Abengoa jointly developed the UAE’s Shams 1 plant as it pursued global growth.