Santander and Crédit Agricole to lead Abengoa plant sale

14 June 2019 - 12:00 am UTC

Spain’s Santander and France’s Crédit Agricole will launch a sale process for Abengoa’s 220MW cogeneration plant A3T in the coming weeks, according to three sources briefed on the situation. 

The project has a capex of EUR 232m (USD 235.47m), according to Abengoa’s 2015 annual report. The project was originally funded with a USD 120m bridge loan from HSBC México, Santander and other lenders in 2014, according to the website of local law firm Ritch Mueller.

The sale process follows a long series of restructuring deals in which Abengoa sought to leverage the plant to fund corporate debt repayments. 

In mid-April, Carlos Slim’s Inbursa and Santander provided a two-year, USD 381m loan, which was used to refinance the plant and repay a part of the New Money facilities provided under the company’s restructuring program. 

On 26 April, Abengoa AbeNewco 1, S.A.U. issued EUR 195.59m with a part of that going to the holders of A3T convertible notes and the rest going to holders of New Money 2 debt. 

Abengoa announced on 24 May that A3T has committed more than 85% of its energy to self-supplied partners under long-term power purchase agreements. The plant entered into operation in December 2018.  

Abengoa declined to comment. Crédit Agricole and Santander failed to respond to a request for comment. 

 

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